There's more to a loan than just the rate!

Just about every day of the week, we get calls that go something like this:

Customer: I just got a better rate at the bank than what you offered me on my farm loan.

Us: What fees and costs do you have to pay?

Customer: I didn’t ask.

Us: Please ask them what the fees and closing costs are, then we can compare the two deals.

This customer—like a lot of customers—just assumed that the rate was the only item to consider when shopping around for a loan. Actually, there are many things to consider in choosing a lender and some of these may be even more important than the loan rate.

For example: if a lender has a rate that is one percent cheaper than another—but the loan fees and closing costs are one percent of the loan—then you really wouldn’t save much. The total deal must be evaluated to compare one to another. It is important when comparing loan information from competing lenders to take all of these items into consideration.

At MidAtlantic Farm Credit we offer competitive rates, costs and fees. We strive to give above average service—as we want satisfied customers. But we don’t just stop there. As a cooperative lender, MAFC has returned millions of dollars to our borrowers through patronage refunds!

If you didn't already know, we just distributed over $26.5 million to our borrowers in April. The lawyers won’t let us tell you that you’ll get a guaranteed patronage payment every year. But our history speaks pretty loudly: since 1990, MidAtlantic has declared $371 million in Patronage and has distributed Cash of $249 million!!

If you have loans through other banks, and their not putting their profits in your profits, you might just want to give us a call. Because it pays to do business with Farm Credit.