Interest Rates on Farm Real Estate Loans
Rates have increased some since Dec.12, 2022. example: 5 year VRM Choice was 6.34% vs 6.70 on July 3, 2023. Rates effective as of July 3, 2023. Farm loan rates below:
|
Loan Type |
Payment |
Term |
Amortization |
Rate* |
Choice |
|
Ag Equity Line |
NA |
5-10 years |
varies |
7.55% |
NA |
|
1 month VRM 1 Year VRM |
semiannual semiannual |
30 years 15 years |
30 years 15/30 years |
7.55% 7.55% |
7.20% 7.20% |
|
3 Year VRM |
semiannual |
15 years |
15/30 years |
7.20% |
6.85% |
|
5 Year VRM |
semiannual |
15 years |
15/30 years |
7.05% |
6.70% |
|
7 /1 ARM 10/1 ARM |
semiannual semiannual |
30 years 30 years |
30 years 30 years |
7.30% 7.30% |
7.15% 67.15% |
|
|
|||||
|
30 year Fixed
|
semiannual
|
30 years
|
30 years
|
7.90%
|
7.50% |
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References provided upon request.
COMPETITIVE FARM INTEREST RATES
PREPAYMENTS: prepayments require interest to the next payment date.
You can prepay at any payment date without penalty.
Take a low variable rate loan and roll into any fixed rate product by
paying a 1/2% fee at any payment date.
PAYMENT DATES: Semi-annual payments are January1 & July 1.
Annual payment option is available on all Loan Types except ARM's (add .15%).
ARM PRODUCTS (Indexed): ARM's with a /1 have a fixed interest rate for
the first 3, 5, 7 or 10 years. Rate adjusts annually thereafter.
Other ARM's adjust to an interest rate term equal to the initial interest
rate term ie. 5 year ARM adjusts to 5 year rate for another 5 years.
INTEREST RATES: ARM rates are effective for the above dates.
Loans can be locked upon approval. Loans may be rate locked any
business weekday from 10:00 a.m. to 2:00 p.m. CST.
Submit: 3 years tax returns
3 years financial statements to:
Iowa Farm Finance
4504 82th St.
Urbandale, IA 50322 or
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© Iowa Farm Finance Corp | 4504 82 St, Urbandale, IA 50310
T 515 4688101 | iowafarmloan@gmail.com | Hours: Monday-Friday 9:00-6:00
