Whether you're financing a new land purchase, refinancing a current mortgage or land contract, or making farm improvements, Farm Credit Illinois provides you with rate and term options customized for your unique requirements.
Terms & Rate Options
- The majority of our farm real estate loans are fully amortized for 20 years, which means lower, more manageable payments.
- Shorter terms — as low as five years — also are available.
- Choose from annual, semi-annual, or monthly payment schedules.
- Our standard loans have no balloon payments so you won't be forced to renew or refinance at a later date when rates could be higher.
- And with no pre-payment penalty, you can pay ahead or pay off your loan any time.
- Select an interest rate option that best meets your needs.
Fixed Rate Loans
- Provides maximum rate stability
- Lock in your rate for 10, 15, or 20 years
Adjustable Rate Loans
- Allows you to lock in rates for one, two, three, five, seven, 10 or 15 years
- Provides you added flexibility to take advantage of changing market conditions
- The most market-sensitive rate because it can change monthly
- Historically, our variable rate has provided the most interest savings over the life of a loan
- Provides maximum interest rate protection
- Allows you to place part of your loan on a longer-term fixed or adjustable rate and part on a shorter-term adjustable or variable rate
- Regardless of the direction interest rates move, you are protected