Peoples Bank & Trust Co. offers a wide variety of mortgage loan products to meet your needs. From conventional loans to construction and permanent loans, we will strive to find the right product for each customer. Below are brief descriptions of several types of loans we offer. Please call any one of our branches and ask to speak with a loan officer to find out more information and see what type of loan will best meet your financial needs.

For your convenience, we have included a link to the Uniform Residential Real Estate Application. This may be completed prior to talking with a Loan Officer, if so desired.

Fixed Rate Mortgages

Fixed Rate Mortgages maintain the same interest rate for the life of the loan. That means the principle and interest portion of the monthly payment will never change. Fixed Rate Mortgages are available in a variety repayment terms that can be as long as 40 years. A 20% down payment is usually required, however a smaller down payment is required if the borrower has PMI (Private Mortgage Insurance). The longer the loan term, the lower the monthly payment will be, but the shorter term loans have the benefit of a lower interest rate.
A Fixed Rate Mortgage may be right for you if:

• You have a steady, consistent income
• You plan on staying in your home longer than 7 years
• You prefer knowing how much your payment will be each month

Balloon Mortgage

Balloon Mortgages are short term loans that offer consistent monthly payments like Fixed Rate Loans. The initial mortgage term comes in a variety of options; however, at the end of the loan term, there is still a remaining principle loan balance which must be paid. This is usually accomplished either through conversion to a Fixed Rate Mortgage or through refinance.
A Balloon Mortgage may be right for you if:

• You have a steady consistent income
• You plan on selling your home in less than 7 years

Home Possible Mortgage

Home Possible Mortgages offer eligible households of median income limits, loans with 100% financing and reduced private mortgage insurance. Flexible credit parameters are available as well as low down payment options.
A Home Possible Mortgage may be right for you if:

• You’re a first time home buyer
• You have a low to moderate household income

Home Possible Neighborhood Solution Mortgage

This mortgage offers the same benefits as the Home Possible Mortgage; however it is designed to offer teachers, firefighters, law enforcement officers and healthcare workers more flexible credit parameters to enable home ownership in the areas where they work.
A Home Possible Neighborhood Solution Mortgage may be right for you if:

• You are licensed in one of the above mentioned positions
• You’re moving into a new area
• You have a low to moderate household income

USDA Guaranteed Rural Housing Mortgages

USDA Guaranteed Rural Housing Mortgages are available to borrowers interested in living in participating counties. The program provides up to 100% financing for borrowers, which eliminates the need for a down payment and private mortgage insurance. It is also possible for some or all of the closing costs to be financed with the mortgage. Borrowers receive competitive 30-year mortgages with fixed interest rates.
A USDA Guaranteed Rural Housing Mortgage may be right for you if:

• You have limited funds for closing costs
• You have a low to moderate household income

Construction Loans

Construction Loans are available on a 6-month term to those building a new house or wanting to remodel an existing home. The bank provides advances on the loan as bills and lien wavers are submitted. Interest is charged on the outstanding balance each month. Once the project is complete, the construction loan is then rolled over into a permanent mortgage product.
A Construction Loan may be right for you if:

• You are building a new home
• You are remodeling a home

Bridge Loans

Bridge Loans are 6 month (one-time renewable) loans that are used to assist borrowers that want to purchase a new home prior to the sale of their current home. Interest is payable monthly on the amount borrowed. Once the sale of the current home is complete, the loan is rolled over into a permanent mortgage product.
A Bridge Loan may be right for you if:

• You want to buy a new home but need to sell your current home
• You have equity in an existing home to apply toward the purchase of a new home

Lot Loans

Lot Loans are available for borrowers that wish to purchase land for residential construction, whether they are ready to build or planning to do so in the future. The loan can extend up to a 20 year term with an in-house adjustable rate. A 25% down payment or comparable equity is also needed.
A Lot Loan may be right for you if:

• You found your future home site
• You are interested in purchasing residential lots with the intentions of reselling.