Farmers Business Network says now is a great time to refinance
The Farmers Business Network is telling its members now is a great time to refinance.
Daniel English, general manager of FBN Finance, says a silver lining to the COVID-19 pandemic has been historically low interest rates.
“If you look at the benchmark 30-year rate on Farmer Mac loans that most of our farmers (use), that’s down over 35 percent from just 18 months ago.”
He tells Brownfield that can provide farmers a tremendous amount of savings.
“And it’s really a way to put more money in a farmers’ pocket at a time when so many things are going against them.”
English says FBN understands the needs of farmers and what they’re looking to optimize for.
“Are they trying to lock in these low rates for an extended time period to have some level of certainty in their operation? If that’s the case, then looking at something like a 20, 25, or 30-year fixed option is really terrific for them.”
He says there are also some shorter terms that can help farmers pay something off with interest rates as low as possible.
The Farmers Business Network is offering a unique opportunity to refinance while land interest rates are at historic lows. To learn more, and to access FBN’s savings calculator, click here.