Can I refinance with a bank later?

Question

Accepted Answer

Yes, if a bank offers you terms you like. The land is yours from closing day and there is no prepayment penalty, so you can pay off your balance with TerraFunded at any time, including with money from a bank loan. When the balance is paid we release the Deed of Trust and a release of lien is recorded at the county, leaving your Warranty Deed free of our lien for the new lender. Paying off early also reduces the total interest you pay us. Whether a bank will lend on rural land is the bank's decision, so ask them about their requirements before you count on it.