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Personal Mortgages

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  • Your Life Personal Mortgages

    • Named Best Mortgage Lender 2021 by the
    York Daily Record & Hanover Evening Sun

    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. View Our Lending Area for the complete list of counties.

    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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    Types of Mortgages

    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:

    • First-Time Home Buyer Mortgage: If you have never purchased a home before, first time home mortgages let you buy a home with a few benefits. PeoplesBank first-time home loans offer a 30-year term with no mortgage insurance and a fixed term, so your payments stay the same. With this type of financing, you can buy with as little as 3% down, and the mandatory First-Time Home Buyer education allows you to start homeownership right.
    • Zero Down Loan: Available to first-time homebuyers only, the Zero Down Loan requires no down payment on your first mortgage. You can finance up to 100% of the mortgage, giving you outstanding flexibility. You must attend First Time Home Buyer education and participate in the PeoplesBank First-Time Home Buyer Program or Welcome Home Loan to qualify.
    • Fixed-Rate Mortgage: Fixed-rate mortgages are a popular option. These loans have interest rates that stay the same year after year, making budgeting easy. These mortgages are a good way to lock in low-interest rates, and they allow you to build equity fast if you choose a short loan term.
    • Jumbo Fixed Rate Mortgage: This type of mortgage is for loan amounts between $548,250 and $1,500,000 and offers a fixed rate over the term of the loan. The shorter the term, the faster you can build equity and pay off the loan. Both 30 and 15 year terms are available for this product.
    • Adjustable-Rate Mortgage (ARM): ARMs allow you to enjoy lower interest rates at first, but the interest rates will go up over time. This may be the right option if you are a new homebuyer and expect your earning power to increase over the term of your loan. You can enjoy lower costs now.
    • Construction to Permanent Mortgage: Want to build your dream home? This ARM loan allows you to enjoy ARM low-interest rates during the up to nine months you spend building your home. Thereafter, it switches to a mortgage automatically. This way, you get the funds you need for building and can continue to pay for your home while you live in it. Since you pay only interest during the construction phase, you’ll have the flexibility to set up your home just as you wish.
    • Refinance Loans: If you own a home and want to streamline your finances, refinancing your mortgage may be the right option for you. With as little as 5% equity, you can reduce your rate and/or your loan term. Refinancing can help you lower your monthly mortgage payment, pay off your mortgage faster, or help to consolidate debt. We can even help you get the extra cash you need for college tuition, home projects, or the purchase of your dream vacation home.
    • Home Renovation Program: Is your home almost perfect? Renovate your home with this great program for existing homes or new homes that need improvement.
    • Lot Loans: If you have a credit score of at least 660, you can use this type of financing to buy the perfect lot to build your dream home.
    • USDA/Rural Housing Mortgage: These fixed-rate mortgages are guaranteed by the United States Department of Agriculture (USDA). If you meet income requirements and are buying eligible rural property, this financing allows you to buy with flexible terms, low insurance, competitive rates and low or even no down payment.

    Bank Mortgage Calculator: How Much Can You Afford?

    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:

    • Cost of the home
    • Local taxes
    • Insurance rates
    • The amount you owe on the house if you are refinancing
    • Appraised value

    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.

    PeoplesBank Cares About You and Your Family

    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.

    Learn More About Homeownership

    Explore the benefits and costs of buying and owning a home through the interactive playlists available in our Financial Learning Center.

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