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| Not sure if this belongs on Market talk, but this is where I am putting it. I have the opportunity to purchase a 40 ac farm from family. I will be inheriting 1/3 of it. I have some cash to put down as well. Should be looking at needing a loan of 50 to 60% of full cash value.
So here is my question. What should my interest rate be for a loan like this? Local bank wants 3.65% for 20 yr or 3.95% for 30 yr. Compeer (Farm Credit) wants 3.6% for 20 yr or 3.9% for 30 yr.
Both places seem high to me. Talked to a friend who just did a home loan with way less down and his rate is 2.75%. I honestly was just disappointed at the farm land rates when all you hear about is record low rates (I understand these are still favorable compared to what many have paid historically).
All this being said where could a guy find a better rate? Location is Central IL. Thanks. | |
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Interest Rates Question
