Mortgage

Perhaps one of the scariest financial aspects of buying a home is the down payment, which is the upfront sum that covers a portion of the entire purchase. And it’s one of the most important parts to consider in the homebuying process.

Most down payments are expressed in percentages. If you were to buy a $200,000 home, a 20% down payment would be $40,000. A 3.5% down payment, the minimum required for Federal Housing Administration loans, would be $7,000. Those numbers can be hard...

Applying for and receiving a mortgage loan is a big life step for individuals and families. Where do you start, and what should you know before taking the leap?

Here are the basic steps in the mortgage loan process.

Find your lender

Finding a lender is the first and most important step in your home-buying process. The majority of real estate agents won’t work with you unless you’re pre-qualified. Mortgages are long-term contracts, so you’ll...

Mortgages come in all shapes and sizes, allowing both first-time buyers and experienced home shoppers the luxury of options.

But before learning about some of the top mortgage options, it’s important to understand the two basic types of mortgage interest: fixed and adjustable.   

Fixed-rate mortgages see an unchanged interest rate over the life of the loan. They are ideal for homebuyers who plan to live in the house for a substantial amount of time. Adjustable-rate...

To buy or to build? It’s a question that faces many who enter the housing market. Whether you’re a first-time homebuyer or you’re looking for something that better fits your family’s needs, it’s a question that you’ll likely have to consider.

Whatever direction you decide to go, it’s important to compare the positives and negatives that come with buying versus building a home, that way you can make the decision that best fits...

One of the most important steps during the homebuying process is determining how much of a house you can afford. Some real estate agents won’t even show you houses unless you’re preapproved.

The best way to determine your mortgage amount and answer any questions you have is to visit your Peoples Bank lender. They will walk you through the process and ensure you take every expense into account when determining your worth.

“We will walk through what their wants...

If it’s your first time on the housing market, you probably have plenty of nerves and questions. And for good reason. Buying a house is one of the largest purchases you’ll make in your life and should be treated with caution.

It’s easy to get swept up in the thrill of buying your first home, but it’s important to take the process slowly and wisely. You don’t want to jump into buying the first house you see, but you also don’t want to stand pat for...

Buying a home may be a common practice for the average American, but it is not a simple one. This is especially true if you are new to the game and have yet to learn the ins and outs of the process. No need to worry, we have plenty of experience from our years in the home buying business and are willing to share the best-kept secrets on the market!

If...

If you find yourself sitting on a nice chunk of equity in your home, you may be wondering how you can tap into it — short of completely selling. You’ve probably heard of a traditional second mortgage, but have you heard of a home equity line of credit (HELOC)?

HELOCs are lines of credit taken out based on the equity in your home. You can calculate your equity by taking your house’s appraised value and subtracting how much you owe on the first mortgage. For example,...

Are you about to begin the hunt for your future home? We understand that the home buying process can become overwhelming, which is why we’d like to offer you a little insight. Start your home buying journey off right by completing this checklist!

A 620 FICO score means you can get a mortgage, but that doesn’t mean you’ll want to....

You’ve made the decision that you are tired of renting and ready to step into the world of home ownership. Good for you! You may be wondering what your next steps should be in order to be financially prepared for this major investment. Here are some creative ways to ramp up your savings for this exciting adventure!

Is the place you’re living now truly the most cost effective...