Financing - Page 2 - The HuntingPA.com Outdoor Community

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post #11 of 22 (permalink) Old 01-25-2017, 09:15 PM
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There are some good ideas here for financing a camp. But for the people reading this thread who are think of buying a camp in the future start the financial planning now. Start putting money aside like your making payments on a loan now. You'll build up a nice down payment when it come time to buy. Just my 2 cents but you can never plan too far ahead for any fiscal event.
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post #12 of 22 (permalink) Old 01-25-2017, 09:35 PM
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Originally Posted by Ca Lunker View Post
There are some good ideas here for financing a camp. But for the people reading this thread who are think of buying a camp in the future start the financial planning now. Start putting money aside like your making payments on a loan now. You'll build up a nice down payment when it come time to buy. Just my 2 cents but you can never plan too far ahead for any fiscal event.
Great advice as buying a camp can happen very quickly. With many banks you can get preappoved as well so you know exactly what you can get.

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post #13 of 22 (permalink) Old 01-29-2017, 02:49 PM
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I don't know where you are located, or where you are buying, but Citizens and Northern Bank up here in the Northern Tier financed my cabin- at the purchase date it had electric only- no water, but it did perk. All they wanted was the standard 20% down, and it had to appraise for the purchase price or higher. The only thing they would not do is escrow my taxes and insurance with the mortgage payment - their reason was it was not my primary residence. They didn't raise interest rates even though it was not my primary residence.

Call around- especially where you are buying- some banks are more than willing to work with you.
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post #14 of 22 (permalink) Old 01-29-2017, 03:31 PM
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We used Jersey Shore and were done within a week or 2. Put a little over 10% down and got the payments and term we wanted. It was actually easier then when we bought our house… or at least faster. Below is her contact information. She was great and I would highly recommend her.
Cynthia A. Flanagan
Assistant Branch Manager
MLO NMLS ID# 460539
Jersey Shore State Bank
300 Market Street
Williamsport, PA 17701
Phone: 570.322.1111 ext 4140
Fax: 570.322.2634
Email: cynthia.flanagan@jssb.com
www.jssb.com
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post #15 of 22 (permalink) Old 02-17-2017, 01:18 PM
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AgChoice/Farm Credit do the majority of land loans. They usually do 20 year terms and are generally 2 points higher with interest but you get around 1 point back at the end of the year.


Smaller regional banks are an excellent option and generally have better interest rates but shorter length of terms but you need to put in your homework and make calls. Be weary of loan officers who haven't handled land or cabin loans before. You'll help them make their first mistakes.

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post #16 of 22 (permalink) Old 02-17-2017, 03:41 PM
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Just some information ,anyone who has a stock account can probably borrow money for any reason right from the brokerage firm ,without selling and investments ,,, I do that once in awhile and just pay it back when you can ,,no set payment plan ,
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post #17 of 22 (permalink) Old 02-18-2017, 04:54 AM
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Just some information ,anyone who has a stock account can probably borrow money for any reason right from the brokerage firm ,without selling and investments ,,, I do that once in awhile and just pay it back when you can ,,no set payment plan ,
sounds to good to be true? Guess they consider your other investmentside as collateral but no payment terms? Who's your broker
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post #18 of 22 (permalink) Old 02-18-2017, 08:31 AM
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loan

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sounds to good to be true? Guess they consider your other investmentside as collateral but no payment terms? Who's your broker
this is done thru my local Edward jones office ,, did you ask your broker if they do it ??
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post #19 of 22 (permalink) Old 02-18-2017, 05:18 PM
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I deal with TIAA and Principle. Both require you to sell off funds and you essentially pay yourself back while they charge you some interest. If you don't pay your on the line for taxes. I also had brokerage accounts with Share builder and capital one...there was no such thing. That's awesome though that you can do that, just sounds really risky on their end
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post #20 of 22 (permalink) Old 02-18-2017, 05:57 PM
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you can only borrow a certain % ( about half ) of the amount in the account ,, so there is NO risk to them .. they hold more value in your securities ,then they will loan to you , the current interest rate is 5.25 %
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