Loan Options

Farm Loan Options

Loan options are designed to provide additional flexibility to customers. Farm Plus Financial offers customers a variety of farm loan options on every agriculture and farm loan. These loan options include a farm loan conversion option, a split loan option, a season loan option and no prepayment penalties.

Conversion Loan Options

A conversion option is designed to allow our customers to convert from a shorter term or variable rate farm loan to a fixed rate on any chosen payment date. Conversion options allow our farm loan customers to easily convert to a longer term loan without having to submit new financials or paying for a new appraisal. Call your local Farm Plus Financial representative at 866.929.5585 to discuss your options in more detail.

Split-Loan Options

A split loan option permits our customers to split their farm loan into two or three parts. The split loan option allows customers a combination of lower interest expense, like shorter term rates provide, yet security of long term rates. For example, a customer might elect to place half of their mortgage on a variable rate loan product and the other half on a longer-term fixed rate option. Using this approach a customer benefits from a lower weighted average interest rate on the total mortgage, but also provides security against rising rates, which creates an interest rate hedge. Call your local Farm Plus Financial representative at 866.929.5585 to discuss your options.

Season Loan Options

A season loan option is available to customers with farm and ag loans that have been with us for 5 years or more with good payment history. Farm Plus Financial can provide a rate and term refinance of the current note with no appraisal and little to no credit requirements.

Prepayment Penalties

There are no prepayment penalties on our farm loans meaning you have even further flexibility by having the option to pay off or refinance your loan early without financial penalty. A good reason to consider a lender who does not collect a penalty when paying your loan off early is the financial burden you may endure. In some cases, lenders may charge a penalty of more than 10% of your loan balance if you choose to pay early.

For more information on farm loans or farm loan options, contact Farm Plus Financial toll-free at (866)929-5585.