WHAT YOU NEED TO KNOW:
If you’re ready to get serious about purchasing recreational land, there are three things you need to know about financing.
1. Find a lender who specializes in rural properties.
Many lenders -- including large nationwide lenders -- will not finance hunting land. Lenders who specialize in farm or land financing are your best bet.
2. Choose a long-term, fixed rate loan.
Steer clear of short-term, variable rate or balloon payment loans. They may help you initially purchase the property, but can put you in a tight spot when you have to refinance in just a few years.
You’re more than a number, don’t get treated like one. Find a lending officer who connects with your dream and works hard to understand your needs.