When it’s time to refinance a land or a rural home loan, you’ll need an expert lender to guide you through the process. Legacy Ag Credit will work with you to help you find the lowest rate option.
Land loan refinancing
A borrower who wants to lower their payments or pay back debt with a reduced interest rate should consider refinancing their land loan. Advantages to refinancing vary but often include:
- Lower interest rates.
- Reduced or extended terms that better suit your current financial needs.
Across northeast Texas, our loan officers are available to answer any questions you might have about refinancing land loans. Talk to them about land refinance rates today.
How to refinance my land loan?
Once you’ve decided on a type of refinancing, you’ll want to make a plan to complete the process. Borrowers will need to meet certain requirements to refinance, just as they would when they apply for any other type of loan. Ask yourself if you check off these boxes:
- Is my credit score high enough to refinance? Work with our lenders to find out whether your score is in line with refinancing requirements.
- Will an additional down payment be required? Loan officers can help you determine how much money, if any, needs to be put down.
- Is my income sufficient to make the payments?
Rural home loan refinancing
Legacy Ag Credit is also a rural home loan refinance lender.
Home loan refinancing means replacing an existing mortgage with a new loan. There are multiple instances when you might need to go through this process.
Some of our customers, for example, choose to refinance a rural mortgage in order to minimize their interest rates and reduce their monthly payments.
Others want to transform an adjustable-rate mortgage into a fixed-rate one. Lastly, there are borrowers who simply need funds to invest in costly projects like a home renovation.
How to refinance my rural home loan?
If you are interested in applying for a home refinancing loan with Legacy Ag Credit, you must have made 12 consecutive on-time payments before applying.
Whether you want to improve your interest rate or modify loan terms, our refinancing land and rural home loans will help you achieve your goals.
Apply online, call us toll-free at 866-885-3522 or stop by one of our five branches. Our loan experts will assess your refinance eligibility and put together a personalized package.
Part of the Farm Credit System
Equal Housing Lender