Loan Conversion Program
Interest rates change. Your goals change. With our Loan Conversion** Program, you can adjust or change your rate without the hassle of refinancing—saving time, money, and paperwork.
Call Your Local Office
What is a Loan Conversion?
A loan conversion lets you change the interest rate of your current loan during its term with a simple amendment to your loan agreement. This change can save you thousands of dollars over the life of your loan, without extending your maturity date.
Here’s what that means for you:
- Change your loan’s interest rate without refinancing
- Adjust your payments to reflect the interest rate change
- Avoid the costs and paperwork of a full refinance
- Keep your existing loan but update the terms
- No need to requalify or provide new financials when eligibility requirements are met
Why Consider a Loan Conversion?
Avoid Costly Refinancing
Lower Your Rate
Switch to a Fixed Rate
Save on Interest
How it Works
Converting your loan is simple and designed to save you time and money.
One-time fee:
A conversion has a $750.00 processing fee subject to change. Additionally, your loan may be subject to other fees depending on your loan product. Please contact your local office for more information about your specific loan circumstances.
No refinancing required:
Forget the stress of starting over with a new loan. A conversion is just an amendment to your existing loan—no new financials, appraisals, or title searches needed when eligibility requirements are met.
No requalification:
You keep your current loan structure and eligibility. No need to reapply or provide updated financials.
Flexible rate options:
Convert your rate or type of your rate. For example, you can convert your adjustable to a fixed rate, locking in your rate for the rest of the loan terms. Some restrictions apply.
Quick process:
Most conversions are completed quickly and we offer the option to sign conversion documents electronically, so you can take advantage of market changes without delay.
Program requirements:
Conversions are subject to certain requirements. Your local office can confirm if you qualify and help you choose the best option.
Ready to explore your options? Instead of starting over with a new loan, convert your existing one. Call Your Local Office
** Provided that program requirements are met. Conversion has a one time fee of $750.00. Terms and conditions apply. Fee is subject to change. There may be additional fees associated with the conversion.
Farm Credit Mid-America territory includes Arkansas, Indiana, Kentucky, Missouri, Ohio and Tennessee. Arkansas includes Clay, Craighead, Crittenden, Cross, Desha (northeast of the White River), Greene, Lee, Mississippi, Phillips, Poinsett, and St. Francis counties. Missouri includes Carter, Ripley and Wayne counties. Kentucky excludes Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall and McCracken counties. Ohio excludes Crawford, Hancock, Lucas, Marion, Ottawa, Sandusky, Seneca, Wood and Wyandot counties. We serve all counties in Indiana and Tennessee.
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