Any lending/ loan experts here?

[Toliver]

Or any that play one on the internet?

We are looking to buy property. We have found a place we like but it's slightly higher than I can buy outright thanks to all the money I lost in the stock market after a certain person got elected. So I will need to take out a loan. My wife wants to borrow enough to get the property and go ahead and start some improvements like cutting in a driveway and maybe even power and water so we can park the camper there for hanging out. My current house is paid for. So what's the best way to go on the type of loan I should be looking for.

I have an account at Georgia's Own Credit Union from a previous loan. They suggested a HELOC. They are at 9% with a 10 year draw and $500 closing fee.

I know some places won't even discuss a loan for raw property. But I'd like to know the loan is secure and ready to go before I make an offer.

Any ideas on the best way to go?

 

[davidhdye]

Go to AgGeorgia Farm Credit.

 

[chase870]

Go to AgGeorgia Farm Credit.

This right here

 

[westcobbdog]

For raw land I would go with someone who understands it and that's their primary book of business, like AgGa Farm Credit.

 

[Toliver]

Well that's 3 points for AgGeorgia. I'll give them a call tomorrow.

 

[jaybirdius]

Agsouth is who we borrowed from for our property. They are fantastic and after a few years you may get money back from them based off their profits. We normally get a surprise check once a year.

 

[Mexican Squealer]

Agsouth has done several things with me and have been awesome

 

[Elkbane]

If you own enough investments in a Schwab brokerage account, you can borrow against the value of the assets.......no loan closing, the pledged assets (stocks, bonds, mutual funds) are security for the loan, not the property itself....you pay interest, then pay back the principal on your schedule, not the bank's......

Charles Schwab

Elkbane

 

[Toliver]

If you own enough investments in a Schwab brokerage account, you can borrow against the value of the assets.......no loan closing, the pledged assets (stocks, bonds, mutual funds) are security for the loan, not the property itself....you pay interest, then pay back the principal on your schedule, not the bank's......

Charles Schwab

Elkbane

Interesting. I don't have an account with them but that's a cool way to do it.

 

[Toliver]

Go to AgGeorgia Farm Credit.

This right here

For raw land I would go with someone who understands it and that's their primary book of business, like AgGa Farm Credit.

Agsouth is who we borrowed from for our property. They are fantastic and after a few years you may get money back from them based off their profits. We normally get a surprise check once a year.

Agsouth has done several things with me and have been awesome

I called the Cartersville branch today. Best customer service I've experienced with any business in a long time. I have application and will be moving forward. Thanks guys.

 

[westcobbdog]

I called the Cartersville branch today. Best customer service I've experienced with any business in a long time. I have application and will be moving forward. Thanks guys.

Ask about your interest rate lock, as in how long is it good for? Also if if they will give you 1 "free float", moving your interest rate down if rates happen to drop during the process and before your closing.

 

[Toliver]

How is this new nonsense from Biden going to affect the loan? If I get locked in before May 1st, will I still have to pay the penalty for having good credit? Or does that just get added on afterwards?

 

[Toliver]

Ask about your interest rate lock, as in how long is it good for? Also if if they will give you 1 "free float", moving your interest rate down if rates happen to drop during the process and before your closing.

I asked. They allow you to take your interest rate down as the fed lowers it. $250 fee but to drop a point would sure save way more than that. And you can do it as many times as you want. Just waiting on word of approval now and I'll be submitting my offer for the property.