Loan Details

Along with customized, competitive loan options, GreenStone is also committed to providing a clear path for customers interested in our financial services and product. To provide clarity around what obtaining a loan looks like, please review the disclosures below.

Details for a Country Home Mortgage

Provided that eligibility requirements are met. All loans are subject to credit approval and eligibility. Maximum income and loan amount limits apply. Certain property types are ineligible. Maximum loan-to-value (“LTV”) is 95%. LTV is the ratio, expressed as a percentage, between the unpaid principal amount of a loan (or credit limit, in the case of a line of credit) and the appraised value of the collateral. For example, if you have an $95,000 loan for a home and an appraised value of $100,000, the LTV is 95%. The remaining 5% would be required to approve the loan.

**A $200,000 loan would require a 5% down payment with a monthly principal and interest payment of $1,074 for 360 months based on 5.00% annual percentage rate (APR). Assumes $5,000 in closing costs. Monthly payments do not include amounts for taxes and insurance premiums so the actual monthly payment will be greater if an escrow account is established. Available rates and terms including the APR are subject to change without notice.

Details for a Recreational Land Loan

Provided that eligibility requirements are met. All loans are subject to credit approval and eligibility. Maximum income and loan amount limits apply. Certain property types are ineligible. Maximum loan-to-value (“LTV”) is 80%. LTV is the ratio, expressed as a percentage, between the unpaid principal amount of a loan (or credit limit, in the case of a line of credit) and the appraised value of the collateral. For example, if you have an $80,000 loan for a property and an appraised value of $100,000, the LTV is 80%. The remaining 20% would be required to approve the loan. 

**A $200,000 loan would require a 20% down payment with a monthly principal and interest payment of $1,074 for 360 months based on 5.00% annual percentage rate (APR). Assumes $5,000 in closing costs. Monthly payments do not include amounts for taxes and insurance premiums so the actual monthly payment will be greater if an escrow account is established. Available rates and terms including the APR are subject to change without notice.

Details for a Homesite Loan

Provided that eligibility requirements are met. All loans are subject to credit approval and eligibility. Maximum income and loan amount limits apply. Certain property types are ineligible. Maximum loan-to-value (“LTV”) is 80%. LTV is the ratio, expressed as a percentage, between the unpaid principal amount of a loan (or credit limit, in the case of a line of credit) and the appraised value of the collateral. For example, if you have an $80,000 loan for a homesite and an appraised value of $100,000, the LTV is 80%. The remaining 20% would be required to approve the loan. 

**A $200,000 loan would require a 20% down payment with a monthly principal and interest payment of $1,074 for 360 months based on 5.00% annual percentage rate (APR). Assumes $5,000 in closing costs. Monthly payments do not include amounts for taxes and insurance premiums so the actual monthly payment will be greater if an escrow account is established. Available rates and terms including the APR are subject to change without notice.

Loan Program Disclosure Five-Year Saver

This disclosure describes the features of the Five-Year Adjustable Rate Mortgage (ARM) program you are considering. Information on other adjustable rate programs is available upon request (if not already furnished along with this disclosure).

How Your Interest Rate and Payments Are Determined -

• Your initial interest rate is fixed for a period of 5 years. Thereafter, your loan will have one interest rate adjustment based upon an index plus a margin, effective at the beginning of the sixth year of the loan term.
• Your payment will be based on the interest rate, loan balance, and loan term.
• The initial interest rate is not based on the index used to make the later rate adjustment. Ask for the amount of the initial rate currently offered.
• The index used for the one-time rate adjustment will be the internally calculated cost-of-funds rate for funding 23-year multi-flex loan products as determined by AgriBank, FCB, at its offices in St. Paul, Minnesota  and available for that date which is 45 days before the date the interest rate is to be adjusted.
• At the repricing date, your interest rate will equal the index rate plus our margin, rounded off to the nearest .125%, unless your interest rate "cap" limits the amount of change in the interest rate.
• Information about the index rate can be obtained from the local GreenStone FCS office that handles your loan account. You may be able to reduce the margin that is added to the index by paying a discount fee/points at the time the loan is closed. The discounted margin then is used for either the life of the loan or such other time period as agreed upon by the parties. Ask about our current interest rate, margin, and discount fees that might be currently offered.

How Your Interest Rate Can Change -

• Your interest rate can change only at the beginning of the sixth year and cannot increase more than 9.00 percentage points at the time of the adjustment, except in the event of default, when either an additional 2.00 percentage point default rate or a late payment charge of 5.00% can be added, depending on the terms of the note.
• Your interest rate can increase if we approve your request to convert your loan from this loan program to any other loan program offered by us for borrowers in your category. Other loan programs might include various ARM or fixed interest rate loans. Such conversions may be restricted by us, and you may have to pay certain fees to obtain the conversion.

How Your Monthly Payment Can Change -

• Your Monthly payment can increase or decrease substantially at the beginning of the sixth year based on changes in the interest rate. You will be notified in writing at least 25 days before the payment adjustment may be made. The notice will contain information about your interest rates, payment amount, and loan balance.
• For example, on a $10,000 30-year loan with an initial interest rate of 6.75% in effect in December, 2021, the maximum amount that the interest rate can rise under this program is 9.00 percentage points, to 15.75%, and the Monthly payment can rise from a first-year payment of $64.86 to a maximum of $135.27 in the year 2027. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the Monthly payment by that amount. (For example, the Monthly payment for a mortgage amount of $60,000 would be: $60,000 divided by $10,000 = 6, 6 x $135.27 = $811.62 per Month.)

Loan Program Disclosure Seven-Year Saver

Monthly Installments

This disclosure describes the features of the Seven-Year Adjustable Rate Mortgage (ARM) program you are considering. Information on other adjustable rate programs is available upon request (if not already furnished along with this disclosure).

How Your Interest Rate and Payments Are Determined -

• Your initial interest rate is fixed for a period of 7 years. Thereafter, your loan will have one interest rate adjustment based upon an index plus a margin, effective at the beginning of the eighth year of the loan term.
• Your payment will be based on the interest rate, loan balance, and loan term.
• The initial interest rate is not based on the index used to make the later rate adjustment. Ask for the amount of the initial rate currently offered.
• The index used for the one-time rate adjustment will be the internally calculated cost-of-funds rate for funding 23-year multi-flex loan products as determined by AgriBank, FCB, at its offices in St. Paul, Minnesota  and available for that date which is 45 days before the date the interest rate is to be adjusted.
• At the repricing date, your interest rate will equal the index rate plus our margin, rounded off to the nearest .125%, unless your interest rate "cap" limits the amount of change in the interest rate.
• Information about the index rate can be obtained from the local GreenStone FCS office that handles your loan account.
• You may be able to reduce the margin that is added to the index by paying a discount fee/points at the time the loan is closed. The discounted margin then is used for either the life of the loan or such other time period as agreed upon by the parties. Ask about our current interest rate, margin, and discount fees that might be currently offered.

How Your Interest Rate Can Change -

• Your interest rate can change only at the beginning of the eighth year and cannot increase more than 9.00 percentage points at the time of the adjustment, except in the event of default, when either an additional 2.00 percentage point default rate or a late payment charge of 5.00% can be added, depending on the terms of the note.
• Your interest rate can increase if we approve your request to convert your loan from this loan program to any other loan program offered by us for borrowers in your category. Other loan programs might include various ARM or fixed interest rate loans. Such conversions may be restricted by us, and you may have to pay certain fees to obtain the conversion.

How Your Monthly Payment Can Change -

• Your Monthly payment can increase or decrease substantially at the beginning of the eighth year based on changes in the interest rate.
• You will be notified in writing at least 25 days before the payment adjustment may be made. The notice will contain information about your interest rates, payment amount, and loan balance.
• For example, on a $10,000 30-year loan with an initial interest rate of 6.95% in effect in December, 2021, the maximum amount that the interest rate can rise under this program is 9.00 percentage points, to 15.95%, and the Monthly payment can rise from a first-year payment of $66.19 to a maximum of $134.50 in the year 2029. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the Monthly payment by that amount. (For example, the Monthly payment for a mortgage amount of $60,000 would be: $60,000 divided by $10,000 = 6, 6 x $134.50 = $807.00 per Month.)