
Crop Insurance Explained
Crop insurance is an important risk management tool that protects farmers and ranchers against unexpected yield or revenue losses due to changing weather or market conditions.
6 Minute ReadCommunication between you and your lender is important throughout the land buying process. To move your land loan application forward, your lender is going to need information about the land you want to purchase, the type of loan you desire and a few key financial documents, including your current assets and liabilities.
Here’s a helpful checklist of what you may need to complete your land loan application.
One of the first things your lender will want to know is whether your application is for a new land purchase or to refinance an existing loan. In either case, your lender will ask you to share some basic details about the property, such as:
If you are refinancing an existing land loan, your lender likely will ask some additional questions:
Once your lender understands the purpose of the loan, he or she will need more information about you and your current financial situation. Some of the key information and documents you may need to prepare include:
You are ready to apply for your land loan! After submitting your loan request, a credit analyst will review your loan package to determine if the request is approved.
Unless additional information is required, you can expect a credit decision for full loan approval within 7 to 10 days. Of course, getting pre-approval early in the land buying process is a great way to know what you can afford. Using our simple online application, you can apply for pre-approval when it’s convenient for you and receive a response within three business hours.
Keep in mind that if any specifics of your loan application change, your lender will need to re-evaluate the approval to reflect the new details.
Categories: Education, Loan Preparation, Refinance,
Crop insurance is an important risk management tool that protects farmers and ranchers against unexpected yield or revenue losses due to changing weather or market conditions.
6 Minute ReadWhen considering financing options for land, equipment and other farm purchases, two common types of loans you may come across include term loans and operating loans – also known as an operating line of credit.
5 minute readLoans and lines of credit are two different financing options borrowers can leverage to help manage working capital while maintaining adequate cash on hand.
4 minute read