Residential
Lending -
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Since 1910, Peoples Bank has helped thousands of homeowners
realize the long cherished dream of owning a home. Peoples Bank has led the
way in offering innovative mortgage programs, homeownership counseling, and
first time homebuyer education seminars.
Whether you are looking to purchase a home, begin construction or seeking to refinance,
Peoples Bank has the right lending product for you. A wide range of flexible and affordable lending products with
competitive rates and terms are available. Our experienced Residential Lending Specialists
will take the time to help you accurately evaluate your housing needs.
Together, we can determine which lending product best meets your needs.
Fixed Rate Mortgages
Fixed Rate Mortgages offer a locked in interest rate for the life of the
loan, so the monthly principal and interest payments will never change.
Terms are available in 10, 15, 20, 30, or
40 years.
Adjustable Rate Mortgages
An Adjustable Rate Mortgage, or ARM, offers a lower initial rate that is
fixed for a period of time, and then adjusts annually thereafter. Our most
popular adjustable rate mortgages include:
1-Year Adjustable – rate
adjusts annually
3-Year Mini Fixed – rate is fixed for first three years, then
adjusts annually thereafter
5-Year Mini Fixed – rate is fixed for first five years, then
adjusts annually thereafter
7-Year Mini Fixed – rate is fixed for first seven years, then
adjusts annually thereafter |
100 % Financing with an 80/20
Loan
Obtain financing for 100% of your borrowing needs with an 80/20 Loan from
Peoples Bank. 80% of your home is financed with a traditional mortgage loan of your choice and the remaining
20% is financed with a separate mortgage loan.
The program requires no down payment and the ability to avoid paying Private Mortgage Insurance.
This lending option will also allow you to
build equity in your home faster!
First Time Homebuyers Program
If you are a first time homebuyer, let a Peoples Bank Residential Lending Specialist explain some of the benefits that you
may qualify for. Our First Time Homebuyers Program provides home ownership
education with down payments as low as 3% and expanded qualifying criteria.
Down payment assistance may also be available.
 | 50% off underwriting fees |
| 50% off document processing fees |
| Reduced title insurance and settlement fees |
| $25 discount on appraisal |
| $25 gift card |
| FREE name and address stamp |
| FREE Credit Report when you open a
Free Checking account at Peoples Bank |
|
Preapprovals
A preapproval is a free tool that can help potential buyers determine how
much they are qualified to borrow. Preapprovals are recommended by most
realtors to assist in searching for a home, and they are often required when
making a bid. A Mortgage preapproval letter from Peoples Bank is valid for up to four
months and can be prepared in as little as 48 hours. Construction
preapprovals, which are valid for up to 6 months, are also available. Set up a consultation
today!
Construction Loans
Construction loans are used to finance a new home during the construction
phase. Upon completion, you can select from a wide variety of Peoples Bank
home mortgages.
Peoples Bank Construction loans offer:
| Competitive rates |
| Low 1% loan fee with general contractor |
| Fixed rate for 1-year term |
|
3 Step Construction Loan Program
Let the loan specialists at Peoples Bank help you build and finance the home
of your dreams. With Peoples Bank’s 3 Step Construction Program, securing
property and obtaining financing is as easy as 1, 2, 3! This bundled product
provides convenience and cost-savings with less paperwork and reduced
closing costs.
Step 1: Lot Loan
Two options:
| Fully amortized up to 10 years |
| Interest only up to 3 years |
| Receive $200 coupon towards the costs
associated with a Construction Loan |
|
Step 2: Construction Loan
| 12-month term |
| Rate based on LTV |
| Interest only payment |
| Rate lock-in on end loan up to 12 months in
advance (+ .50%) |
| Discounted closing costs |
| Customer can “float down” at time of closing if
rates are lower than locked-in rate |
|
Step 3: End Financing
Choose from one of the many of flexible and affordable mortgage products
Peoples Bank has to offer.
Residential Lending Specialists
