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Tractor Talk Discussion Forum

Are all bankers liars?

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River Bottom Fa

08-27-2006 09:54:05




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Howdy Fellers,Still working on my loan for the farm.Loan officer from the bank said he would get in touch with me and that everything is looking good but havent heard from him in several days again.Im getting anxious but I cant make it happen faster than they can do it.Oh well just hope it happens soon,its been causing alot of stress between my wife and I.She gets mad too easy,must be a woman thing.She acts like she dont care if we get it or not one minute and then shes mad because I dont have any news from the bank.Shes a real tiger when shes mad.Her grandmother passed away last tuesday and she has taken it pretty bad.I shed a tear myself,we used to get drunk and play cards all night long when she was in her late sixties and she was hard to keep up with.She was one heck of a good friend to me and she was a wonderful card player too.she will be missed.I sure have had a messed up summer.My beans were ready earlier in the week but we were gone for a few day and had to move my dogs to my moms kennel so she could feed em for me and the deer eat all the beans since the dogs werent out there.Oh well the ids got in the shed and broke all my canning jars.They were getting some of their toy and knocked both big boxes of jars down.Things gotta get betta round here...Im on a tractor slump too can sem to find the time to do any tractor chores or coon hunting..Pray for me Im in a real rut.....RBF

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billyiron

08-28-2006 07:36:07




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
Wait till you have to go against the FREEKING bank examiners!!!!! !!!!! ! they put the A-- in HOLE,,,billy



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steveormary

08-27-2006 20:52:30




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
Yup,had to fight like heck to get a loan to buy the farm. I already owned 1/5th and had money for a good down payment. Finally got the deal thru. Then intrest rates went down. Asked the loan arranger if we could lower intrest. Well, we would have to do another appraisal,bs,bs and more bs. It was going to cost me over $3000. to lower intrest rate. So,changed banks. This was about the mid 1980"s.



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B-maniac

08-27-2006 18:47:20




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
They are saints compared to new & used car and manufactured home salesmen. These people are so far gone,THEY, even think they are truthfull. Auto junk yards aren't much better.."yea,it'll fit just fine", and "it's in perfect shape". They ALL live at the end of the drain field,I feel sorry for their families. They can't make it in these professions with honesty,and they refuse to WORK for a living.

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Dhermesc

08-28-2006 05:52:07




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 Re: Are all bankers liars? in reply to B-maniac, 08-27-2006 18:47:20  
I'll agree with the manufactured home sales part of that. I bought a prefab house that was built to look like a stick built house. The only problems I had with the entire deal was with the dealer. At one point I grabbed him by the hair and threw out of his office and into the parking lot so we could have a man to man "talk" about his business practices. Suddenly we came to an understanding.

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iowaW9

08-27-2006 16:19:26




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
No comment.



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KYfarm

08-27-2006 16:12:41




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
Yes they are, only thing worse in the business world is a general contractor!



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Turke Bros. Farms

08-27-2006 16:49:42




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 Re: Are all bankers liars? in reply to KYfarm, 08-27-2006 16:12:41  
Ha, I know the feeling. Maybee we should start a game show, instead of WHO WANTS TO BE A MILLION AIRE?, we can have WHO WANTS TO BE POOR? Alex i will take CRYING CONTRACTOR for 200. In this category this poor contractor hasnt been paid on his job in 3 months and he cant take it no more. Can we identify this poor soul? Yes its me!



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Midwest redneck

08-27-2006 14:25:16




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
Yep, bank loan officers are bums. 7 years ago while I was building my house I was 1/2 done with the house and I needed money to finish building and I went to a Standard Federal bank where I had a savings and checking account and I asked for a builders loan, the manager says "are you a licenced builder" I said nope, just a guy with skills building a house. He says "we dont give out those types of loans to regular people" Here is the funny part....2 months later after I was all set up with a mortgage broker that same bank manager sees me in line at the bank and says "would you like to open up a home equity loan" I looked at him and said are you serious, he says yes. I sternly looked at him and said 2 months ago I was a bum when I wanted to take out a loan to build a house and now you want to give me a home equity loan.....I guess you miss out and I laughed at him. I wanted to belt him in the face.

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Ben in KS

08-27-2006 12:48:22




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
RBF, Is Farm Credit active in your area? What are they like versus banks? here, there is no contest, Farm Credit, for me anyway, was the only way to go. Rates were better, customer service was topnotch. things will get better for, hang in there...regards...Ben



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Dave from MN

08-27-2006 10:14:23




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 Re: Are all bankers liars? in reply to River Bottom Farmer, 08-27-2006 09:54:05  
RBF, are you going through multiple banks for the best deal? When we were lookingwe started with AGSTAR then started hitting all the rural banks. Amazing how quick responses were. Agstar ended up the worst, guy wasnt straight up with us, but thats only one of many so dont judge agstar by that. ended up financing 50% at 4% through An RFA loan and less than 6% cap for the rest for the 1st 10 years and a cap of 7% after that. We could not pass it up, and that was a small rural bank.

Make sure you know what you are getting into with a farm loan if you have a VRM. Make sure if you payment increases due to %, you can still make it. I am done buying land here. I would have to open my oil well and sell my gold reserves to increase my acreage around this area, I'll have to rent. We are looking at buying a couple smaller farms farther away and having caretakers for a reduced rent rate.

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River Bottom Farmer

08-27-2006 12:05:03




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 Re: Are all bankers liars?/Howdy Dave from MN in reply to Dave from MN, 08-27-2006 10:14:23  
I was working with a rural bank in Ashville Ohio but they want a large down payment. Due to the rental properties on the front side of the farm I cant get a first time homebuyers loan through them.I am now working with Chase bank a much larger outfit,and they said since the rent would cover the mortgage that it shouldnt be any problem getting the loan.The rental properties are listed as commercial property and are on a seperate deed from the rest of the farm.This has created ome hurdles,they came up with a blended rate for the interest.The interest rate for commercial property is higher than interest for primary residence here.Im not an entrepenour so Im not really up on all this stuff.Ive just tryed to work hard and put away a few bucks for rainy days.I cant understand why noboddy will give you a chance these day.I have never had a reposession or any late pays on a loan.I have few outstanding doctor bills which we have payment schedules for and make regular paymnts towards them.I know my credit score is good,not excelllent but good at any rate.They said it alll looked good but they are really taking their time if you ask me.I guess I will know in a few days.I just dont want to mov in the winter time if it doesnt work out.My kids just vstarted school again too so I guess I will have to see what happens.Sometime life aint too much fun.Oh yeah,I wouldnt ever agree to a VRM unless it had a decent rate cap on it.I prefer a fixed rate and dont want the uncertainty of a VRM...RBF

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KRUSS

08-28-2006 06:02:01




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 Re: Are all bankers liars?/Howdy Dave from MN in reply to River Bottom Farmer, 08-27-2006 12:05:03  
Don't know. I could ask the one that will be working in the field beside me today. He may ask "are all farmers honest?"



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billyiron

08-28-2006 07:43:07




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 Re: Are all bankers liars?/Howdy Dave from MN in reply to KRUSS, 08-28-2006 06:02:01  
Depends on how many bankers he's been around,,,,, ,,,billy



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