Banks Suck - So Why Bother

[Juan Jorge]

Alright, I know in the right situation, mortgage loans are great, what with the long term and fixed rate. I thought I'd be smart by applying for a lot/land loan on a rural farmstead I want to put on offer on. It's zoned ag, it's an old farmstead with weathered unmarketable house still standing and lots of fallen down outbuildings, so pretty much raw land that needs some help. During application process, I was only given variable rate mortgage option, have to put 25% down AND pay mortgage insurance. What!? My retirement accounts and stock brokerage accounts are loaded to where I could purchase the parcel outright 10 times over if I sold stock, but yet these are the loan terms? Who the hell needs banks?! Am I missing something? Is fixed rate mortgage/loan on land not a thing?