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RESIDENTIAL MORTGAGE
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Agricultural Financing
Agricultural mortgages are not just farm mortgages. Agricultural mortgages can be applied to nurseries, ranches, pastures and gardens just to name a few. There are many similarities between a traditional mortgage and an agricultural mortgage and many differences.
Farm Credit Canada (FCC), known as the Farm Credit Corporation until 2001, was established under the Farm Credit Act of 1959. FCC is Canada’s largest agricultural term lender and is dedicated to serving the financial needs of Canadian farmers. FCC is a Crown corporation that reports to the Canadian Parliament through the Minister of Agriculture and Agri-Food. (See also Department of Agriculture.)These differences are important to know as it will affect if you qualify for this loan and the type of interest you may incur.
An advantage of agricultural mortgages is that they can offer more flexibility on payment options, repayment period and can even provide debt transfer options not available through a standard consumer mortgage.
Mortgage Rates For Agriculture
Rates on agricultural mortgages fluctuate in response to market conditions. That is true of all mortgages, which is why it is critical to decide whether you want a variable rate or a fixed rate agricultural mortgage. Fixed-rate mortgages provide stability over the life of the loan. If you have studied the market and believe that rates will fall over time, a variable rate mortgage may provide savings over time; however, if you are incorrect and rates rise, your mortgage payments may spike and your interest payments may increase significantly.
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Advantages Of Agricultural Mortgages
Financing rural property with a standard consumer mortgage is one of the most common mistakes people make when purchasing farmland or rural land. It’s a costly error that could cost you thousands of dollars. A qualified mortgage broker is aware of this and will investigate all options before connecting you with the best lender offering the best mortgage options.
Mortgage Rates For Agriculture
Rates on agricultural mortgages fluctuate in response to market conditions. That is true of all mortgages, which is why it is critical to decide whether you want a variable rate or a fixed rate agricultural mortgage. Fixed-rate mortgages provide stability over the life of the loan. If you have studied the market and believe that rates will fall over time, a variable rate mortgage may provide savings over time; however, if you are incorrect and rates rise, your mortgage payments may spike and your interest payments may increase significantly.
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