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Purchasing, building or refinancing? Find the best loan program for you.
Purchasing a new home is one of the most important financial decisions you
will ever make. Wouldn't you want to work with a bank you can trust? Let
Peoples Trust & Savings Bank finance the home of your dreams.
Following are some frequently asked questions regarding mortgage loans. If
you have additional questions, feel free to contact one of our Loan
Officers at 812-897-0230 or 812-842-BANK.
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What kind of Mortgage best suits my needs?
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Conventional Fixed Rate Mortgage
Peoples
Trust & Savings Bank can finance a fixed rate mortgage. The interest
rate will never change and your monthly principal and interest payment will
stay the same throughout the term of the loan. If you plan to stay in your
home for a long time, are on a fixed income, or just prefer the convenience
of a fixed payment amount, a fixed rate mortgage may just be your best bet.
Adjustable Rate Mortgage
If your job moves you around a lot, or if you plan on staying in your home
for only 5-10 years, an adjustable rate mortgage (ARM) may be perfect for
you. ARMs generally offer better rates than fixed rate mortgages, so your
payment may be a little lower. ARMs also have limited annual adjustments so
you don't have to worry about big fluctuations in your monthly payment.
Call us today, to see if an ARM is right for you.
Balloons
If you prefer the security of a fixed rate mortgage, but would like to have
the flexibility of an ARM a balloon may be the hybrid that your have been
looking for. Balloons generally have lower rates than fixed rate mortgages.
If you plan to stay in your home for less than 10 years, but still want
your payment to be fixed, a balloon may be your choice.
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How much do I need for a down payment?
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Your down payment will depend largely on the type of mortgage that you
choose. We offer mortgage loans for as little as 0% down. Keep in mind;
however, that the bigger your down payment the smaller your mortgage, so
it's to your advantage to have as large a down payment as possible.
If you're thinking of buying, building, or refinancing a home, it's time to
talk to a loan officer at Peoples Trust & Savings Bank. We will help
you find the best mortgage product for your specific situation. Contact us
today at 812-897-0230 or 812-842-BANK.
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