Mortgage on a land heavy property
I am just finishing up refinancing our home on 143 acres in Deerfield with a standard 30 year mortgage and 4% rate. I did try a few banks first and they tried to put us in their portfolio program with a 20 year term and 5% plus rate. I ended up going through Brian Springmann at Mortgage Financial Services out of Bedford 321-0108 who understood problem of refinancing land heavy properties and figured out how to get it done. The biggest problem we had during the process was finding comps with a lot of acreage, but once the apprasial was done everything else has been smooth.
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