10 YEARS FIXED, INTEREST ONLY. Followed by adjustment to Prime + 1.5% with 15 year amortization
Interest only on the amount disbursed.
9.39% at 2 points
9.871% APR (Annual Percentage Rate)
Cashout OK on this loan.
The initial interest rate is fixed 10 years. It then adjusts once to 1.5% over prime using the value of prime at that point in time.
No pre-payment penalty. Minimum loan $250,000. Maximum loan-to-value 55% for cashout refinance.
This loan is for essentially rural/agricultural property with or without structures, where there is some current agricultural activity or use. No maximum acreage limit.
APR calculated using $500,000 loan amount.