80+ acres mortgage broker
 

Looking at buying an 80 to 160 acre property with a homestead in west central alberta. Anyone know a good mortgage broker that can get the job done for a guy that will barely qualify? Hahaha.

https://themortgageminds.ca/diana-lee/

Talk to Diana. Tell her Chris Cichos sent you. She has done some amazing things for both myself and my dad in the past. If anyone can make it work, it’s her.

Tim Lacroix.
 

Search for the name “Mortgages Made Easy” On this site.

He is a site sponsor and treated me very well.

Your mortgage on an 80/160 acre parcel is completely different then buying a house in the city. You'll need a much larger deposit when it's value is based off the land.

Atb will do a mortgage on 160 acres now.

I think they only use the house and ten acres in there calculations if you can qualify. Basically the other 150 acre doesn't count as collateral.

Unless you are talking about a land mortgage and then I think u need 25percent down and also prove you don't really need to borrow the money but are only doing it so you can pay interest

I currently own a 20 acre homestead zoned ag so im familiar with the process of buying more then 10 acres.

Im specifically looking for a good mortgage broker that deals with these types of transactions.
I went through a few brokers my first time around that had no idea what to do and eventually went with fcc. I would like to try to go through a bank of credit union this time though.

Dewey Cox is correct. Talk direct to ATB. They are not Federally regulated. They do residential on 160 acres.
Major Banks will not do 160 acres.

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I tried ATB when trying to buy quarter with home. You will need 25% + down deposit. Their loan to value calculation is way out to lunch. I got them to do pre-approval and they wanted over 30% down, they would rather do mortgages on 1000 cookie cutter homes in the city than 1 farm.

If you go with ATB business/Ag they will value land and home separately. They would do 30 years on land and only 20 years on home/buildings. The rates with the ATB business side are not as good as ATB mortgages for residential properties. ATB business will also want detailed business plan for farm. More detailed and intrusive than FCC.

Tried mountain view credit union now under a new name they would do farm at 20 years with rate higher than everyone else plus 25% down.

Ended up going with FCC

FCC will still want 25 percent down unless things have changed

In 70s you could get land mortgage through FCC with zero down and no co signers. Just imagine!
Actually I'm getting mixed up. I meant afcs not fcc

FCC was 20% down for us. However a higher interest rate. I have talked to a broker already that says they can do way better. I just like to get multiple opinions especially if one fails theres always a plan B.

Got loan with FCC using young farmers program which is lower rate than available to old people. 20 % down.

Did poke around with AFSC but they were hesitant to loan on land with home. They like to do mortgages on bare land. Easier for them to do assessment on value.

Getting a lower rate is the easy part getting bank to approve with 20% down is the hard part but if you got lots of cash for downpayment than a bank will be better.

Atb I had to do 35 percent down on the 150 acer when I went through them. Then the other 10 acer and house was less down.