Our mortgage was paid off in 2000. We refinanced in 2003 at 5.37%
we owe 130,000.00. Went back to same lender to refinance for a lower rate (2.95 at the time) and everything was perfect as far as income/debt/credit, etc….however, they could not find enough comps for the appraisal.
The work-up appraisal was 200,000.00….however the comps they found were not within a 30% adjustment, so they wouldn’t approve. We have 15 acres of property, a brick home, 2 barns and pasture for cows. None of the local banks will touch property loans over 5 acres.
We’re only looking for that lower interest rate.
The original lender (and the one who turned us down this time due to the appraisal) was Farm credit.
hahahaha wouldn’t you think they would work with 15 acres???? fenced pastureland with cows. sounds like a farm to me!
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Our Local Banks Won't Refinance Our Country Property. - Jeff by Steve Rhode