We’ve put together a list of questions and answers to help you get better acquainted with the home loan process. We're here to help you understand your mortgage process.
If you have specific questions, feel free to stop by any Peoples Bank location or give us a call. We’re happy to help.
How long does the home loan process take?
Typically, it takes between 30-45 days to close a loan. It can vary depending on what type of loan you are qualifying for.
What do I need to get a loan?
The first step is to apply for a loan. You can stop in
, or apply online
to get the process started. Once a Mortgage Loan Originator has reviewed your application, they will let help you determine what loan product best fits your needs. Our Mortgage Loan Originator will want to collect supporting documentation such as pay stubs, tax returns, and bank statements. Once this step has been accomplished, you can start searching for a home!
What types of mortgages do you offer?
Peoples Bank offers a variety of home loan products. The most common products used are Conventional Fixed-rate Mortgage Loans and
Rural Development Loans. With the Conventional Loan, you need a down payment, but it can be as low as 3%. With the Rural Development loan, you can purchase a home with 0% down.
Can I refinance my mortgage?
Peoples Bank is always wanting to help our customers. A Mortgage Loan Originator can help you compare your current mortgage rate versus what today’s current rates are and determine if refinancing would be beneficial for you. Don’t hesitate to call your local Peoples Bank location
to find out if refinancing would make sense for you.
Can I apply for a mortgage online?
Yes, you can go to our Mortgage Center and click on “Apply now". Typically, within 24 hours of completing the application, a Mortgage Loan Originator will reach out to you in regard to your application.
How are mortgage interest rates determined?
Rates are based on several items such as your credit score, Loan to Value (LTV), and loan purpose. The higher your credit score, the better your interest rate will be. Please call a Peoples Bank Mortgage Loan Originator
to get the current rate.
Can I make a mortgage payment online?
Yes, you can make a mortgage payment online, or you can set up automatic payments. These are both great ways to ensure your payment is on time each month.
How can I get approved for a mortgage?
, or apply online,
and within 24 hours your local Peoples Bank Mortgage Loan Originator will reach out to you letting you know the status of your pre-approval.
How much of a down payment do I need?
At Peoples Bank, you can get a mortgage loan with as little as 0% down. These loans are typically for first-time home buyers who meet certain income guidelines to qualify for these loans. If you are not a first-time home buyer, you can generally get approved for loans with 3-5% down. These types of loans are heavily dependent on credit score, past credit history, and current income.