Smiling male farmer

Farm Loans & Ag Mortgages

Get easy financing

With our All in One Mortgage, use your approved credit limit for any financing need you have.



Discover the benefits!

  • Enjoy quick and flexible financing
  • Reduce your paperwork and legal fees
  • Access ag experts for every farming need
  • Take advantage of competitive mortgage rates

Get cash for your farm when you need it

Your farming operation might require many loans, quick loans, or lines of credit. With an All in One Mortgage, you can use your approved credit limit for any loan type you choose. It’s fast cash to purchase land, equipment, or infrastructure.  

Save time and money

Your All in One Mortgage is a one-time application that covers every lending need. That means less time completing paperwork and immediate approvals on your loans and lines of credit. Because it’s one application, you’ll also pay less legal fees.

Get more than just mortgage advice

Of course, your business advisor will help you with any farm lending need. But they’ll also provide you with expert advice to strengthen your business. You’ll not only gain revolving credit with an All in One Mortgage, but you’ll also build a lasting business relationship.

Enjoy flexible options and competitive rates

Whether you prefer fixed or variable rates, open or closed options, you have the flexibility to choose what mortgage type works best for you. Plus, you’ll always find competitive mortgage rates and generous payback options including making interest-only payments.


More information

  • Available for agricultural use: farmland, home quarters are not eligible 
  • Interest compounded annually 
  • Minimum credit limit - $100,000 
  • Term length 25 years 
  • Amortization 25 years 
  • Sub-loans 
    • Minimum credit limit - $10,000 
    • All loans and mortgages are eligible with the exceptions of: 
      • Consumer mortgages 
      • Business mortgages 
    • Interest rate will be based on sub-loan 
    • Term and amortization will be based on subloan 
    • Repayment terms will be based on sub-loan 
    • Prepayment options will be based on sub-loan 
    • Property sold – option to waive will be based on sub-loan 
    • Convertible and buy down options/consolidations will be based on sub-loan 
  • Applicable application fees on sub-loans only 

  • Available for agricultural use: farmland, home quarters
  • Interest compounded annually
  • Term lengths 1 ,2, 3, 4, 5, 7 and 10 years 
  • All payment frequencies available
  • Prepayment options 
    • You can prepay up to 20% of the original amount of the mortgage during each 12-month period from the anniversary date. This privilege is not cumulative from year to year and does not apply if you wish to prepay the mortgage in full, renegotiate the rate, or prepay more than 20%. 
    • If you wish to prepay in full, renegotiate, or prepay more than 20%, you'll pay the greater of:
      • 90 days’ interest or 
      • the interest difference of the current posted rate of a similar mortgage type with an equal term. 
  • Convertible and buy down options/consolidations:
    • Pay the greater of 75% of: 
      • 90 days’ interest or 
      • the interest difference of the current posted rate of a similar mortgage type with an equal term. 
    • May select any Ag Closed Mortgage product.
    • For consolidations, the above penalties shall apply or a blended rate as approved by our Retail Team.
  • Early renewal
    • 3-month option to early renew
    • Current expiry must be within 3 months or less
  • Applicable application fees

  • Available for agricultural use: farmland, home quarters
  • Interest compounded annually
  • Term length 5 years – interest only payments
  • Term length 1 year only – lump sum due 
  • Repayment terms
    • On demand, interest only - interest payment to be more frequent than annually 
    • On demand, lump sum – due in 1 year or less
  • Prepayment options 
    • Prepay the whole or any part of the principal amount outstanding without penalty, unless payment is received directly or indirectly from another lender or financial institution. If that is the case, you shall pay a 90-day interest penalty.
  • No penalty charged if the property is sold
  • Convertible and buy down options/consolidations:
    • Must be termed out as a blended product
  • Applicable application fees

  • Available for agricultural use: farmland, home quarters
  • Interest compounded annually
  • Term length: 1 year
  • All payment frequencies available
  • Unlimited prepayment
  • Convertible and buy down options/consolidations:
    • Blended - upon payment of a $250 conversion fee you may select any Ag Closed Mortgage product
    • Non-blended - must be termed into a new mortgage
  • Applicable application fees

  • Available for agricultural use: farmland, home quarters
  • Interest compounded annually
  • Maximum credit limit - $500,000 
  • Term length 5 years 
  • All payment frequencies available 
  • Unlimited prepayment
  • No penalty charged if the property is sold
  • Convertible and buy down options/consolidations
    • Upon payment of a $250 conversion fee you may select any Ag CALA Mortgage
    • Conversion fee is not chargeable if the loan was charged the 0.25% of principal as the initial application fee
  • Applicable application fees


Enjoy easy farm financing with less fees

Purchase land, upgrade equipment, or invest in your infrastructure. Re-advance funds whenever you need them. Contact us for your All in One mortgage today! 



Find the farm loan that’s right for you

With responsibilities ranging from planting and harvesting to managing employees and finances, owning and operating a farm is complex and demanding. When it’s time to find a farm or agricultural loan, you deserve a process that’s anything but.

When you partner with Innovation Credit Union, you can choose from a variety of effective commercial mortgage loans for your farm. You can count on competitive commercial mortgage rates, a streamlined commercial loan application, and much more.

Your business advisor will help you through the process of applying for a farm mortgage and offer informed advice about your business.

Let’s look at the answers to some common questions about farm ownership loans and similar mortgages, so you can make a more informed decision about your next loan.


Frequently Asked Questions

Exploring different types of loans, varying interest rates, loan amounts, and terms and conditions can feel like a full-time job by itself. Add in filling out lengthy application forms and waiting to hear back about approval, and it’s not a stretch to say the process can be fairly difficult.

While decisions about individual loans come down to factors like past performance and plans for the money loaned, you can count on an easier experience with us. If you choose to apply for an All in One Mortgage, for example, you can save yourself a lot of time.

Farms can need a variety of small and large, short-term and long-term loans and lines of credit to support operational needs and plans for the future. With an All in One Mortgage, the credit limit you are approved for applies to all our loans and lines of credit. You can choose how to use your funds! And, you can cut down on legal fees with a single application process.

 

Because of the flexibility it offers, along with the time and cost savings, our All In One Mortgage is a great choice for farmers like you. However, you can also choose from closed,  open, fixed, and variable agricultural mortgages — in a variety of term lengths.

More options mean you can find the loan that supports your needs and helps propel your business forward.

Learn more about choosing between an ag loan and an ag lease for equipment.

 

A farm loan can be seen as a specific type of mortgage, at least when it’s used to purchase land intended for farming.

You can also use a farm loan for other types of purchases, however. The loan funds could go toward expanding or replacing your fleet of farm equipment or improving and modernizing your farm’s infrastructure, for example. In those cases, there’s a clear difference between a farm loan and a mortgage.



Borrow from a community-focused partner

Responsible Banking™ is the foundation of our credit union. It means doing the right thing for you and your community. 

That includes everything from allocating up to 4% of our pre-tax profits toward grants and scholarships to paying cash rewards directly to you, simply for doing everyday banking with us.

Ready to find a farm loan that can empower your business? Opening a member account is the first easy step!



Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.

AIR = Annual Interest Rate

APR = Annual Percentage Rate

Annual Interest Rate = The total cost of credit expressed as an annual percentage, not including various non-interest charges.

Annual Percentage Rate = The total cost of credit expressed as an annual percentage, taking into account, both interest and various non-interest charges.

If there are no non-interest finance charges, the AIR and APR will be the same.

APR Assumptions:
a. $300,000 Mortgage
b. 25 Year Amortization
c. Applicable Term for Each
d. $400 Appraisal Fee

Applicable to residential mortgages only and subject to Innovation Credit Union lending criteria for residential properties. Some conditions apply.

Interest rate compounded semi-annually not in advance. Interest rates are subject to change without notice.Applicable to residential mortgages only and subject to Credit Union lending criteria for residential properties. Some conditions apply.