Refinancing Your Land Loan
You’re likely considering refinancing your land loan because it could result in lower payments, shorter payback, or a making the most out of a period of lower interest rates. Choosing to refinance the purchase of your rural acreage may seem intimidating, but our lending experts at Texas Farm Credit understand the sometimes complex details rural financing can present. After years of providing generations of Texans with loans to empower their land and ag operations, you can say it comes with the territory!
Apply for Refinancing
Inquire about our refinancing options to kickstart your prequalification process with zero obligation. Your local Texas Farm Credit lending expert will connect with you to explore loan options customized for your needs.
Benefits Of Refinancing With Texas Farm Credit
Choosing to refinance isn’t a simple decision, so that’s why we make the process as clear and adaptable to your needs as possible. We have competitively priced refinancing for your land loans with borrower features that work for you.
- Fixed and variable rate options
- Flexible terms and repayment options
- No maximum acreage limitations
- Co-op membership patronage benefits (cash-back dividends)
Answering Your Land Loan Refinancing Questions
Get in touch with your local Texas Farm Credit lender for answers to all of your refinancing questions.
Here are a couple of the most asked questions our lenders are asked.
Can I refinance my land loan?
If you meet all of your lender’s eligibility requirements, you can refinance a land loan to get a lower interest rate or cash out equity that has accumulated.
Criteria for refinancing land loans can be different compared to those for traditional mortgages, with much greater emphasis placed on the land’s location and your plans for utilizing the space. So, in addition to meeting the typical creditworthiness requirements, the property itself must meet additional guidelines. Your local Texas Farm Credit lending expert will walk you through this process.
Should I refinance my current land loan?
You should only refinance your land loan if it will improve your current financial situation.
There are many reasons for refinancing, such as arranging a lower monthly payment or pulling out equity for other improvements. However, careful consideration should be given before making such commitments, particularly because the land will serve as collateral. In the event you are unable to repay the loan in the future, you could be at risk of losing your property.