Buying a home can be a whirlwind. There are so many moving parts and it can feel like things are moving by faster than you can keep up. One of the largest factors in your home buying experience is who you choose to provide financing for your home. Maybe we’re a bit biased, but we believe that our lenders are the best in the biz. Here are three reasons you should choose Peoples Bank for your mortgage.

We service ALL of our mortgages.

Did you know that many financial institutions don’t service your mortgage for the entire life of the loan? Often, your loan is sold to a larger, third party financial institution. So, instead of doing business with the bank you first chose you’re suddenly doing business with whoever purchased your loan from the originator. You’ll have to change how and where you make your payments, you may have to sift through menus and machines to find anyone to talk to, and there is always the chance it gets sold again. The personal touch is gone.

At Peoples, we service every loan we make for the entire life of the loan. So, if you have a question about your mortgage you don’t call a hotline. You don’t sift through menu options to find the correct department. You call the lender who helped you choose your mortgage and sign the papers. Straight to the phone on their desk. When we say you aren’t just a loan at Peoples, we mean it. We really are here to help you every step of the way. Beginning to end.

There is no PMI required for our mortgages.

What exactly is PMI? If you haven’t bought a house you might not even be sure. PMI is private mortgage insurance. It is insurance for the lender to help cover their costs in case you default on your loan. It doesn’t help prevent you from defaulting or facing foreclosure and it doesn’t protect your credit score. It is protection solely for the lender that you pay. It shows up on your monthly mortgage payment and could increase your monthly costs up to hundreds of dollars.  Typically, a lender won’t require it if you put 20% down. Some lenders allow you to stop paying it after you have at least 20% equity in your home, but that is often only done through red tape.

With the Main Street Mortgage, the premiere mortgage option at Peoples Bank, you can borrow with as little as 10.1% down and have NO PMI requirement! That is more money staying in your pocket every month!

Rates are great!

It is a good time to take out a mortgage! Rates are low for financing your new home or refinancing your existing home. At the time of this post, your rate can be as low as 2.50%/2.59% APR**! You can lock in that rate by coming in today and starting the process with one of our lenders today!

Interested in applying for a mortgage or refinancing?

Call us today at 812-842-BANK!

*Annual Percentage Rate (APR) is accurate as of 7/22/2021 and subject to change. Assume 80% loan-to-value, 15 year fixed rate, amount financed: $200,000, APR: 2.59%*, 180 monthly payments of $1,333.58. Offer is subject to credit approval. Closing costs apply. Homeowners Insurance is required. Property taxes and homeowners insurance are not included in payment example. Contact a tax advisor for possible tax deductibility of interest. NMLS 229852 Member FDIC Equal Housing Lender

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