5 Year Fixed, Balloon payment in 10 years
7.0% at 2 points
7.421% APR (Annual Percentage Rate)
Cashout OK on this loan.
The initial interest rate is fixed 5 years. It then adjusts once to 2.25% over prime using the value of prime at that point in time. This loan has a floor of 6.5%, so it will not reset below the initial note rate. After the reset, the loan is fixed 5 more years. 25 year amortization. Balloon payment in ten years.
No pre-payment penalty. Minimum loan $300,000. Maximum loan-to-value 65% for purchases, rate and term refinances or cashout refinance. Secondary financing may be allowed.
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. 20 acre mininum.
APR calculated using $500,000 loan amount.