If you ever want to own a home, finding a mortgage lender is a necessary part of life. Despite the fact that most people will have a mortgage at some point, many don’t have a basic understanding of what goes into deciding what kind of mortgage is right for you and how to choose which lenders you should apply with.
At PeoplesBank, we’re one of the best mortgage lenders in Pennsylvania and Maryland since the mid-19th century, helping clients understand their loan options and secure the funding they need. We’re a full-service independent bank that provides mortgage lending services and assistance in York, Lancaster, Baltimore and many other cities in the region. Anything that a big bank can provide you in terms of security and industry knowledge, we can match, all while keeping interests local and supporting our community.
Financing a home is one of the most important decisions you will ever make. Whether you are just starting out, a growing family, looking to refinance an existing mortgage, or build a dream home, our local loan officers will help make the mortgage process smooth and simple for you – no matter where you are in life or what your home buying or refinancing needs may be. We currently lend in both Pennsylvania and Maryland.
The heart of our service area is York, Cumberland, Lancaster, Harford and Baltimore counties, but our mortgage lending area extends to many of the surrounding counties as shown on the map above.
If you are getting a mortgage loan, you are essentially getting a type of financing to purchase residential property. The loan uses your purchased home as collateral. This means that if you default on the financing the lender can foreclose on the home and sell it to recoup their money.
To keep your credit in good standing and to avoid foreclosure, you need to make mortgage payments in full and on time. Home mortgages come with terms and paperwork, and it’s important to understand the terms before you sign.
One thing you will notice is you are paying not just the amount borrowed (principal) but also interest, taxes and insurance. Sometimes, these parts of your monthly payment are referred to as PITI. At first, much of your monthly cost will go towards interest. Later in your loan, more of your monthly payment will go towards the principal. You can ask your lender for a table of how much you’ll pay through PITI. This table is sometimes known as an amortization schedule.
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Choosing the right home mortgage loan plays an important role in ensuring you can meet your financial obligations. At PeoplesBank, we offer a range of personal mortgages to our clients:
The first step in determining which of these loan options will be most beneficial for you is understanding the two main parts of any mortgage:
Interest is then broken down into two types — fixed-rate and adjustable-rate, as explained above. Whatever loan you choose will be a part of your life for a long time, likely decades, so it’s important to take your time and understand the possibilities available with every loan. Here are some things to consider to make the decision a little easier:
Although you should always shop around for the best deal in big purchases like this, PeoplesBank strives to provide the best deals and rates for every client, just like we’ve done since our beginning in 1864. Now, we’ve had over 155 years of experience in serving your community. You can trust that our bank can get you on your way to enjoying your new home.
As you consider your options for buying or refinancing a home, you also need to determine where your finances stand. Using our mortgage calculator with taxes and insurance for Pennsylvania and Maryland, you can estimate much you can afford to spend on a home or determine whether refinancing makes sense for your situation. Gather your essential financial information, including the following:
The calculator will guide you through the steps and prompt you to plug in numbers. You can adjust the numbers to find what would work best for your budget. For example, try increasing or decreasing your down payment to see how it can impact your monthly payments. You can also see how insurance and tax payments will affect your monthly rate. While most people keep these in escrow, you can choose to pay them separately.
Bank mortgage calculators offer insights into what mortgage program could be right for you and how much home you can afford. Though they provide a good guideline, keep in mind that final mortgage numbers may differ slightly. Use the calculator as an estimate to prepare for how your finances could look.
Reviewing and approving mortgage applications in thriving towns like Lancaster, Pennsylvania, or Baltimore, Maryland, can take a month at minimum, and usually lasts between 35 and 45 days. That’s why PeoplesBank suggests you start looking into mortgage assistance and lending options as soon as possible when you find a home.
Before you submit your application to a mortgage lender, start by taking care of these things to ensure the process goes as smoothly and quickly as possible:
Recognized as one of the top mortgage lenders in York, Pennsylvania, and the surrounding areas, PeoplesBank focuses on strengthening the community through banking and lending. We are growing throughout south-central Pennsylvania and central Maryland. We embrace the opportunity to help clients across these areas get into new homes or find ways to expand their businesses.
We offer outstanding Pennsylvania and Maryland mortgage rates competitive with other lenders across York, Lancaster, Baltimore and nearby cities. We know these areas and understand your unique concerns about the local economy. We can get you through uncertain times and stand behind you when you need assistance. Our personal touch makes conversations about finances pleasant and easy to understand.
We know your life is busy enough as it is without searching for reliable information on homeownership. Explore the benefits and costs of buying and owning a home through the interactive playlists available in our Financial Learning Center.
In less than an hour, you can gain a basic understanding of mortgages, property investments and other considerations all homeowners should know. With seven easy-to-navigate modules ranging from five to 10 minutes long, you have time to learn on a lunch break, during your kids’ nap or any other time you have a few minutes to spare. Get started today, and be sure to reach out to PeoplesBank with any questions. We’ll be happy to help you gain a deeper understanding of any homeowning concepts.
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