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Great Rate - Low Fees - Quick Closing

It's important to ask the right questions when you are shopping for a mortgage. 

Ask these questions first:

1. What are your fees and closing costs?

2. Is there any charge for locking in a rate?

3. Are the lenders equipped to approve your loan in-house?

What is a Fixed Rate Mortgage?

Fixed Rate Mortgages give you a rate that is fixed for the duration of your mortgage loan which means your payment for the principal and interest will remain the same every month. 

So if your interest rate is 3.5% it stays 3.5% for the whole loan period. 

What is an Adjustable Rate Mortgage?

Adjustable Rate Mortgage (ARM) gives you a fixed rate for a certain amount of time then can fluctuate according to the market index. The index and rate fluctuations may differ depending on the financial institution. 

Closing cost may be lower on an Adjustable Rate Mortgage.

What is Rate Cap?

A Cap is the maximum amount the interest rate can adjust after the initial fixed-period. 

PBC's cap may adjust up or down by 1% point annually after the initial fixed period with a maximum adjustment over the life of the mortgage of only 5% points above or below the initial interest rate with a minimum rate of 3%. 

Is my credit score really a big deal when I apply for a mortgage loan?

Your credit score may determine what kind of rate you receive on your mortgage loan.  Generally a higher credit score gets you a lower interest rate.  Tips on how to improve your credit score - CLICK HERE

What are Closing Costs? 

Closing Cost refer to all of the charges you will need to pay when you complete your loan. Closing Cost may include the following:

Origination Fees - Title Examination - Appraisal - Survey - Recording Fees - Underwriting Fees - Credit Report

What documentation should I have ready? 

You should gather the following documentation:

  • Income verification such as you last two years' tax returns and the last two pay stubs
  • Drivers' License
  • Bank Statements
  • Proof of funds for closing

How much can I afford?

Use our Calculator to help illustrate your cost for a new home.

For more Resources on Mortgage Loans Click Here.


 NMLS Registry Information for The Peoples Bank Co. Mortgage Loan Originators





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