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Parsons Kansas | Went to the bank to inquire about a loan to buy some land. I have the required 20% down like the banker askes for. Balance I would have to borrow would be in the upper $30,000's. We talked about repayment and things were going well. I asked about the interest rates and he said it would start at 7%. Fixed 7% for three years then could go up to 9% after for the next three. Years 6 to 9 could be 11%. That would be the max it would go up. We were talking about a 15 and 20 year loan.
I was just talking and doing a little leg work. I'm really thinking about a ten year loan. Just wondering what you guys seeing out there. Myself I think this is a little steep, but I don't know what is going on out away from my area.I think 7% is a little high but then put the variable into the mix and things could go bad really quick. Thanks for the input. Darren | |
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Interest rates on land at Bank
