Mortgage Loans

MortgageLoans_650x300

Buying a new home should be a pleasant experience.

As a locally owned and operated bank, we offer fast, local loan decisions and on-site servicing.  And now we offer this great service in two ways!

First, you’re always welcome to call or come in to any Peoples Bank location to apply for a mortgage or to learn more.

Second, we also offer online applications for those of you that prefer to apply online.  Here are the links for the online process!

Online Mortgage Center Page

Check Rates Page

Apply Now Page

Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.

  • Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
  • Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.
  • WHEDA Loans offer lower interest rates, require a relatively small down payment, and are for first time homebuyers.

Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and private mortgage insurance are also not included on the chart, but may be added to your monthly payments.

Monthly Mortgage Payment Guide

Mortgage Amount 4% APR 5% APR 6% APR 7% APR 8% APR
$ 60,000 $ 286 $ 322 $ 360 $ 399 $ 440
$ 80,000 $ 382 $ 429 $ 480 $ 532 $ 587
$ 100,000 $ 477 $ 537 $ 600 $ 665 $ 734
$ 120,000 $ 573 $ 644 $ 719 $ 798 $ 881
$ 140,000 $ 668 $ 751 $ 839 $ 931 $ 1,028
$ 160,000 $ 764 $ 859 $ 959 $ 1,064 $ 1,174
$ 180,000 $ 859 $ 966 $ 1,079 $ 1,198 $ 1,321
$ 200,000 $ 955 $ 1,074 $ 1,199 $ 1,331 $ 1,468

The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.

Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than one percentage point below your present mortgage. And whether you apply with us for a new mortgage to buy a home you want, or to refinance your present mortgage, ask about a Home Equity Line of Credit.  Apply Online today, or for more details, contact one of our mortgage lenders.