Getting a loan? - The HuntingPA.com Outdoor Community
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post #1 of 11 (permalink) Old 10-25-2012, 10:52 AM Thread Starter
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Getting a loan?

Can anyone recommend who to go through for loan approval? I'm looking for property in Tioga/Potter/Lycoming counties and the bank that holds my current mortgage will not finance property that doesn't have electric, running water, indoor plumbing, etc. There is a good chance any camp I find may not have these amenities.

Small town banks, credit unions, agricultural agencies, etc?

What's been your experience? Looking to just get pre approved so I can start looking more seriously.

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post #2 of 11 (permalink) Old 10-25-2012, 10:55 AM
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Re: Getting a loan?

Small town banks would be your best bet. I got my mortgage on my house through a local bank, and they had little to no requirements for their in house loans.

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post #3 of 11 (permalink) Old 10-25-2012, 11:55 AM
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Re: Getting a loan?

Check out Farm Credit Sevices. Very resonable and easy to deal with.

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post #4 of 11 (permalink) Old 10-25-2012, 01:43 PM
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Re: Getting a loan?

On the 3 parcels I bought I used home equity loans to ge the cash and didn't try to finance the "unimproved" land directly.

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post #5 of 11 (permalink) Old 10-25-2012, 02:19 PM
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Re: Getting a loan?

I would look into an equity line of credit against your current home.... if possible. Most banks will approve you if your at 90% LTV or less. No closing/different than a home equity loan. My current rate is only 3.5%.

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post #6 of 11 (permalink) Old 10-25-2012, 03:27 PM
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Re: Getting a loan?

I just purchased a camp, and I paid a little over 60% in cash, and used a home equity loan to cover te rest. payments are for 4 years and my rate is 3.74 fixed. There were no closing costs with this type of loan. I believe my total in fees will be around $150-$200 after its all said and done. Home equity line of credit was a variable rate with a $50 annual fee whether you use it ir not. This was thru PNC bank.
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post #7 of 11 (permalink) Old 10-25-2012, 05:14 PM
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Re: Getting a loan?

I just did what everyone else said with equity line of credit for purchasing property. There are little fees, you will close quicker due to no red tape requirements (even though you will want to do most of the red tape stuff anyways), most likely lower your pay off on your home if you have a loan on it already and most importantly you have no issues with improvements.

Property without improvements in the way of water, sewage and electricity are seen as a liability to banks and will only offer raw land loans especially if their isnt a camp already there which will carry higher interest rates (in the 8% range or so I was told).

As for picking a place to go for financing your best bet would be to go to a bank local to the area the camp/land is if your personal bank will not deal with you. They will be more willing to deal with you rather than trying a large regional bank out of the area.
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post #8 of 11 (permalink) Old 10-25-2012, 05:46 PM
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Re: Getting a loan?

Agchoice Farm Credit is a great way to go. They have offices throughout PA and specialize in farm loans and vacant land loans.
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post #9 of 11 (permalink) Old 10-25-2012, 06:14 PM
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Re: Getting a loan?

Plus the home equity loan interest is tax deductable.
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post #10 of 11 (permalink) Old 10-25-2012, 10:23 PM
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Re: Getting a loan?

+1 for ag choice farm credit
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