Category: Mortgages

Model home on top of money

The Power of Home Equity: A Guide to Leveraging Your Home’s Value

As a homeowner, you’ve likely heard of home equity, but do you know how it works and how you can tap into it? At Peoples Bank & Trust (PBTC), we’re here to simplify home equity and provide you with a comprehensive guide on how to unlock its potential.

What is Home Equity?

Home equity is the difference between the market value of your home and the outstanding balance on your mortgage. It’s the amount of ownership you have in your home, and it can be a valuable asset for homeowners.

How Does Home Equity Work?

Here’s an example to illustrate how home equity works:

Let’s say you purchased a home for $200,000 with a 20% down payment ($40,000) and a mortgage of $160,000. Over time, the value of your home increases to $250,000. You’ve paid down your mortgage to $120,000. In this scenario, your home equity would be:

$250,000 (current market value) – $120,000 (outstanding mortgage balance) = $130,000 (home equity)

Suggested Renovations Based on Era of Your Home

The era of your home can greatly impact the types of renovations that will increase its value and appeal. Here are some suggested renovations based on the era of your home:

Pre-1940s Homes

  • Update electrical and plumbing systems to modern standards
  • Insulate walls and ceilings to improve energy efficiency
  • Replace original windows with energy-efficient, historically accurate replicas
  • Refinish or replace hardwood floors
  • Add modern amenities like central air conditioning and heating systems
  • Refinish unique details of the home. Here are some ideas for doing so: 11 Ways to Update an Old House Without Erasing Its Character

1940s-1960s Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add insulation to attics and walls to improve energy efficiency
  • Replace single-pane windows with energy-efficient, double-pane models
  • Install new flooring, such as hardwood or tile, to replace outdated materials
  • Add outdoor living spaces, like patios or decks, visible from the street to increase curb appeal

1970s-1980s Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add energy-efficient features, like solar panels or skylights
  • Replace carpeting with hardwood or tile flooring
  • Install new windows and sliding glass doors to improve natural light and views
  • Add modern amenities, like smart home technology and high-speed internet connectivity

1990s-Present Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add energy-efficient features, like LED lighting and smart thermostats
  • Install new flooring, like hardwood or luxury vinyl tile, to replace outdated materials
  • Upgrade outdoor living spaces, like patios or decks, with modern materials and features
  • Add modern amenities, like smart home technology. Check out the latest tech for 2025: The Best Smart Home Devices for 2025 | PCMag

Peoples Bank & Trust’s Equity Solutions for Your Next Project

Now that you understand how home equity works, you may be wondering how to tap into it. Here are a few options:

  • Home Equity Loan: A lump-sum loan that allows you to borrow a portion of your home equity at a fixed interest rate.
    • We offer a close-ended loan, meaning you get the full sum of the loan up front to use!
  • Home Equity Line of Credit (HELOC): A revolving line of credit that allows you to borrow and repay funds as needed.
    • Your limit is established up front, and you can draw on the line of credit when you need it!

Home equity is a valuable asset that can help you achieve your financial goals. By understanding how it works and how to tap into it, you can unlock the power of your home’s value. Whether you’re looking to renovate your home, consolidate debt, or fund a major expense, home equity can be a valuable resource. At PBTC, we’re here to help you navigate the world of home equity and make the most of your home’s value.

Not sure where to begin? Reach out with your questions, our experienced lending team is help you along you and your home’s journey!

Contact Us

Peoples Bank & Trust Co.
Member FDIC, Equal Housing Lender
NMLS #407724

Buying a Home in 2025: What You Need to Know

Are you thinking of buying a house in 2025? Congratulations on taking the first step towards your dream of homeownership! At Peoples Bank & Trust, we’re here to guide you through the process with valuable insights and expert advice to make your home-buying journey smooth and successful.

Where to Begin

Check Your Credit Score

Your credit score plays a significant role in determining the interest rate you’ll qualify for and whether you’ll be approved for a mortgage. A good credit score can help you secure a better loan deal, so make sure to check your credit report and work on improving it if necessary. Here are some steps to improve your credit score:

  • Pay your bills on time: Late payments can significantly impact your credit score.
  • Reduce your debt: Aim to pay down credit card balances and other debts.
  • Avoid opening new credit accounts: Each new account can lower your average account age, which can negatively affect your score.
  • Dispute any errors: Check your credit report for inaccuracies and dispute any errors you find.

Determine Your Budget

Calculate how much you can afford to spend on a house, including your down payment, closing costs, and ongoing expenses like mortgage payments, property taxes, and insurance. Aim to save at least 20% of the home’s purchase price to avoid private mortgage insurance (PMI) and secure better loan terms. Here’s how to create a comprehensive budget:

  • Assess your current financial situation: Review your income, savings, and any existing debts.
  • Estimate your monthly expenses: Include utilities, groceries, transportation, and other regular costs.
  • Factor in homeownership costs: Consider property taxes, homeowners insurance, maintenance, and repairs.
  • Plan for the future: Think about potential changes in your financial situation, such as job changes or family growth.

Research Mortgage Options

Explore different types of mortgages, such as fixed-rate and adjustable-rate loans, and learn about the pros and cons of each. Peoples Bank & Trust offers a range of mortgage options to suit your needs. Here’s a brief overview of common mortgage types:

  • Fixed-Rate Mortgages: These loans have a consistent interest rate and monthly payment throughout the loan term, making them predictable and stable.
  • Adjustable-Rate Mortgages (ARMs): These loans have an interest rate that can change periodically based on market conditions, which can result in lower initial payments but higher risk over time.
  • FHA Loans: These government-backed loans are designed for first-time homebuyers and those with lower credit scores, offering lower down payment requirements.
  • VA Loans: Available to veterans and active-duty service members, these loans offer competitive interest rates and no down payment requirements.
  • Jumbo Loans: These loans are for higher-priced homes that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

What Buyers Need to Prepare and Get Ready For

Home Inspections

A home inspection can reveal potential issues with the property, giving you an opportunity to negotiate the price or back out of the deal if necessary. Here’s what to expect during a home inspection:

  • Structural components: The inspector will check the foundation, roof, walls, and other structural elements.
  • Systems and appliances: The inspection will cover the HVAC system, plumbing, electrical systems, and major appliances.
  • Interior and exterior: The inspector will examine the interior and exterior of the home, including windows, doors, and insulation.
  • Report and recommendations: After the inspection, you’ll receive a detailed report outlining any issues and recommended repairs.

Appraisals

An appraisal determines the value of the property, ensuring that you’re not overpaying for the house. Here’s why appraisals are important:

  • Loan approval: Lenders require an appraisal to ensure the loan amount is appropriate for the property’s value.
  • Negotiation tool: If the appraisal comes in lower than the purchase price, you may be able to negotiate a lower price with the seller.
  • Investment protection: An accurate appraisal helps protect your investment by ensuring you’re paying a fair price.

Title Search and Insurance

A title search ensures that the seller has the right to sell the property, and title insurance protects you from any potential ownership disputes. Here’s what you need to know:

  • Title search: This process involves reviewing public records to verify the property’s ownership history and identify any liens or encumbrances.
  • Title insurance: This insurance protects you and your lender from financial loss due to title defects, such as undisclosed heirs, forgery, or errors in public records.

Tips for First-Time Homebuyers

Don’t Rush

Take your time to find the right property, and don’t feel pressured to make an offer on a house that’s not perfect for you. Here are some tips for a thorough home search:

  • Define your needs and wants: Make a list of must-have features and nice-to-have amenities.
  • Research neighborhoods: Consider factors such as proximity to work, schools, amenities, and overall safety.
  • Visit multiple properties: Compare different homes to find the best fit for your needs and budget.

Work with a Real Estate Agent

A real estate agent can guide you through the home-buying process, providing valuable insights and expertise. Here’s how an agent can help:

  • Market knowledge: Agents have access to the latest market data and can help you find properties that meet your criteria.
  • Negotiation skills: An experienced agent can negotiate on your behalf to get the best deal.
  • Paperwork and legalities: Agents handle the complex paperwork and ensure all legal requirements are met.

Consider Additional Costs

In addition to your mortgage payments, factor in ongoing expenses like maintenance, repairs, and property taxes. Here’s what to budget for:

  • Routine maintenance: Regular upkeep, such as lawn care, cleaning, and minor repairs.
  • Major repairs: Unexpected issues, such as roof replacement or plumbing repairs.
  • Property taxes: Annual taxes based on the assessed value of your home.
  • Homeowners insurance: Coverage for potential damages and liability.

Partner Up with Peoples Bank & Trust

Buying a house in 2025 requires careful planning, preparation, and research. By following these tips and working with Peoples Bank & Trust, you’ll be well on your way to achieving your dream of homeownership.

Our Mortgage Solutions

Peoples Bank & Trust offers a range of mortgages to suit your needs, including fixed-rate and adjustable-rate mortgages. Our mortgage specialists can help you choose the best option based on your financial situation and long-term goals.

Click here to learn more!

Couple looking at paint swatches together

Winter Home Maintenance Tips for a Cozy, Worry-Free, and Energy-Efficient Season

As temperatures drop and the first official day of winter approaches, it’s essential to prepare and maintain your home to ensure a safe and energy-efficient season. At Peoples Bank & Trust, we understand the importance of protecting your home and saving on energy costs. Here are some winter home maintenance tips to help you do just that.

Prepare Your Home’s Exterior

Before the harsh winter weather sets in, make sure to:

  1. Clean and inspect your gutters and downspouts to ensure proper water flow. Clogged gutters can lead to ice dams, causing water damage to your home.
  2. Trim tree branches and shrubs to prevent damage from snow and ice.
  3. Seal any gaps or cracks in your home’s exterior, including windows and doors.
  4. Install storm windows or replace old windows with energy-efficient ones.
  5. Test your sump pump to ensure it works correctly. A functioning sump pump can prevent basement flooding during winter thaws.

Insulate and Seal Your Home’s Interior

To keep the warm air in and the cold air out, make sure to:

  1. Insulate your attic, walls, and floors to prevent heat loss.
  2. Seal any gaps or cracks around windows, doors, and electrical outlets.
  3. Install weatherstripping around doors and windows to prevent air leaks.
  4. Use area rugs and curtains to add an extra layer of insulation.
  5. Insulate exposed pipes in unheated areas such as basements and garages to prevent them from freezing and bursting.
  6. Use a programmable thermostat to adjust the temperature when you’re not home.

Maintain Your Heating System

To ensure your heating system is running efficiently and safely, make sure to:

  1. Have your heating system serviced by a professional before the winter season, especially if you are a new homeowner.
  2. Change your furnace filter regularly to improve air quality and efficiency.
  3. Consider upgrading to a high-efficiency furnace or heat pump.

Conserve Energy and Lower Your Bills

To keep your energy bills low, make sure to:

  1. Adjust your thermostat to use less energy when you’re not home or sleeping.
  2. Use energy-efficient light bulbs and appliances.
  3. Unplug electronics and appliances when not in use to avoid standby power consumption.
  4. Consider installing solar panels or a programmable thermostat.
  5. Keep curtains and blinds open during the day to let in natural sunlight.

Consider a Home Equity Line of Credit (HELOC)

If you’re looking to make energy-efficient upgrades to your home, consider using a Home Equity Line of Credit (HELOC) from Peoples Bank & Trust. A HELOC allows you to tap into the equity in your home and use the funds to make improvements that can increase your property value and save you money on energy costs. Check out more details here! By following these winter home maintenance tips, you’ll be able to enjoy a cozy and worry-free winter while also protecting your home and saving on energy costs. And, if you’re looking to make energy-efficient upgrades, consider using a HELOC from Peoples Bank & Trust.

Home improvement plans

What Raises Property Value the Most?

Want to level up your property’s worth? You’re not alone – homeowners are always looking for ways to make their homes more desirable. Your home’s value gets a serious lift when you make savvy upgrades – and it doesn’t matter if you’re selling next month or five years from now. Let’s take a look at what raises property value the most.

Top Home Improvements to Boost Property Value

Kitchen Remodels

One glance at a dated kitchen and potential buyers often walk; conversely, a sleek, high-tech cooking space magnetizes them. Revamping your kitchen with sleek new appliances, crisp countertops, and stylish cabinets can net a whopping 102% return on investment when you sell your home, the National Association of Realtors reveals.

Bathroom Renovations

What if we told you that updating your bathroom could essentially pay for itself? It’s true: a stylish, modern makeover can add serious value to your home, recouping the full cost and then some. Kickstart your makeover with a trifecta of trickle-down decor: updating fixtures, swapping out tile, and slapping on a fresh coat of paint.

Outdoors Appeals

Outdoor spaces have a secret power: they can add serious value to your home. Invest in a deck, patio, or outdoor kitchen and you could see an 80% return on your investment. Anyone who values unwinding after a long day will find this particular aspect incredibly appealing.

Exterior Enhancements

A new roof can recoup up to 105% of the cost at resale, making it a worthwhile investment for homeowners. A sturdy, leak-free roof is essential for any buyer. New energy-efficient windows and insulation can also be worthwhile because of the 60-80% ROI.

Energy-Efficient Upgrades

Installing energy-efficient windows, insulation, and appliances can save homeowners money on utility bills and increase their home’s value by up to 10%. As well as 60-80% ROI if or when you decide to sell.

How a HELOC Can Help

A Home Equity Line of Credit (HELOC) is a flexible financing option that allows you to leverage your home’s equity to fund home improvements. Here’s why a HELOC might be the perfect solution for your renovation needs:

Flexibility

A HELOC provides a revolving line of credit that you can use as needed, making it ideal for funding multiple projects or covering unexpected expenses. You can borrow and repay funds based on your needs, giving you financial flexibility.

Competitive Interest Rates

HELOCs often come with lower interest rates compared to credit cards or personal loans, helping you save money on interest payments over time.

Potential Tax Benefits

In many cases, the interest paid on a HELOC may be tax-deductible. Be sure to consult with a tax professional to understand how this benefit might apply to your situation.

Get Started With Us

Investing in home improvements is a strategic way to enhance your living space and increase your property’s value. By focusing on high-ROI projects like kitchen remodels, bathroom renovations, and energy-efficient upgrades, you can make the most of your investment.

And with a HELOC from Peoples Bank & Trust, financing these improvements is more accessible and affordable than ever. Start planning your home upgrades today and watch your property value soar! 

Stop By Any of Our Branches Today

We look forward to meeting with you and discussing our loan options that best fit your needs to make your home improvement dreams come true.

Advantages of Local Mortgage Lenders

Advantages of Local Mortgage Lenders 

When it comes to real estate PB&T understands it’s a localized market. If you are in the market for a new home, it is extremely important to understand the advantage of working with a local mortgage lender. In this blog, we will outline the top advantages and benefits of working with a local mortgage lender. 

#1 Local Expertise 

When it comes to a profession, most would agree your knowledge is unique to the market you serve – that is no different when it comes to real estate. A mortgage lender’s knowledge and resources are unique to the area served. Using a local lender benefits you highly in the sense of these neighborhoods are their neighborhoods. Working with a lender who is knowledgeable of your local market will keep you ahead of the game when it comes to purchasing your dream home. Every town and neighborhood is different, a local lender will know the ins, and outs, good, bad, and unfortunately the ugly. A local mortgage lender will help you navigate through all of this! 

#2 Local Network 

A huge advantage of pairing with a local mortgage lender is the cultivated relationships they’ve built within the community. Local lenders have spent years building relationships throughout the community to properly serve them. Your local lenders have vast working relationships and networks of support services, including local appraisers, title companies, and real estate agents. Some lenders can even recommend interior designers, landscapers, contractors, plumbers, pool services, you name it! You deserve a lending partner who will put just as much work into making sure you have the right home loan to make purchasing your dream home a reality.

#3 Local Approach 

Local lenders are available in the neighborhood you desire. The loan process can be difficult, but with an expert local lender, your next mortgage process will be made simple with guidance every step of the way. Purchasing a home can be an extremely overwhelming, confusing, and anxious process a local lender will be able to provide a localized approach to give you peace of mind. What is a localized approach? When using a local mortgage lender, you’re not routed through a call center, you don’t receive an auto-reply email and you don’t have to explain your situation to nine operators in the hopes that you’ll one day end up in the right hands. A local lender offers personalized service with a dedicated support team. 

#4 Local Communication

When working with a local mortgage lender, the communication and service you will receive will be unmatched. Local lenders are more likely to create an experience that matters, while cohesively making it the best process tailored to you. A local lender will know how to communicate in the area, as well as who best to partner with, if need be, to work through a portfolio of loan options. 

#5 Working with People Bank & Trust

At Peoples Bank & Trust, our local mortgage lenders are ready to serve you throughout your home loan process. We are always here to field questions, comments, and concerns, so feel free to contact us anytime. We are happy to go over your unique situation before determining the ideal loan program for you based on your goals and your desired market. Visit our website today to learn more about our mortgages and connect with a local lender. 

Peoples Bank & Trust Co.  

Member FDIC  

Equal Housing Lender  

Interest Rates - How They Affect Your Mortgage

Interest Rates: How They Affect Your Mortgage Loans 

It’s no secret house hunters have faced the grim reality of rising interest rates. Rising mortgage rates result in rising costs of buying a home. In this blog, we will outline how current interest rates are affecting mortgage loans, as well as outline the main differences between a fixed-rate mortgage and an adjustable-rate mortgage loan.  

What is a Fixed-Rate Mortgage  

A fixed-rate mortgage is a home loan in which the interest rate remains the same over the lifetime of the loan. Fixed-rate mortgages are the most popular form of mortgages in the U.S. Compared to ARMs, many find the initial introductory rate on an ARM may be lower than those on a fixed-rate mortgage, but with an ARM you may find it to be more expensive over the life of the loan. The two most prevalent types of fixed-rate mortgages are the 15-year fixed-rate mortgage, where the loan lasts 15 years or the 30-year fixed-rate mortgage, where the loan is paid off after 30 years.  

What is an Adjustable-Rate Mortgage (ARM) 

An adjustable-rate mortgage or ARM is a home loan where, like the name, the interest rate can change over time. An ARM differs from a fixed rate mortgage where the rate stays the same for the life of the loan.  The interest rate on an ARM is fixed for an initial period where it will not change. When the fixed period ends, the rate will fluctuate with limits based on the current market rates. A true ARM will have a fixed interest rate for just one year.  

Common Types of Adjustable-Rate Mortgages 

  • 1-year ARM: The initial rate is fixed for 1 year, after which the rate can be adjusted once a year. 
  • 3/1 hybrid ARM: The initial rate is fixed for the first 3 years, after which the rate can be adjusted once a year. 
  • 5/1 hybrid ARM: The initial rate is fixed for 5 years, after which the rate can be adjusted once a year. 

How Interest Rates Affect Your Monthly Mortgage Payment 

Your mortgage interest rate is very important to understand when utilizing a mortgage loan as it directly impacts your monthly payment, as well as your loan’s total cost over the life span of the loan. Dependent on the interest rate and your loan term, your monthly payment could be more than you expected to be spending. A 1.5% percentage point jump may not seem like a whole lot. Keep reading as we walk you through some examples.  

Fixed-Rate Mortgage Loan Example:  

For example, if you have a 30-year fixed loan at the amount of $300,000 with 3.5% interest, your monthly payment will be $1,347.00. Keeping the loan and interest amounts the same but with a 15-year fixed loan term, your monthly payment would be $2,145.00.  

If the interest rate were to be 5% on a $300,000 30-year fixed loan, your monthly payment would be $1,610.00. With a 15-year fixed loan your monthly payment would be $2,372.00.  

Adjustable-Rate Mortgage Loan Example:  

If you were to get a 5/1 ARM on a $250,000 loan amount, with an initial interest rate of 3.5% and with 2/2/5 caps your initial payment would be $1,122.61. Compared to a fixed rate, for the first five years you’d be saving $70.93 per month. In the sixth year, your ARM interest rate will rise to $1,377.05. In the seventh year, with a 7.5% interest rate your payment would be $1,648.71. Finally if the rates continue to rise your eighth year could be $1,788.81.  

As you can see from the examples above it is very important to look at your options when choosing to buy a house utilizing a mortgage loan. High interests’ rates can make a home you’d think you could typically afford out of your budget due to extra costs tacked on through your interest rate. As you can see it is also extremely important to go through your loan term options. The loan you choose to go with can make or break you home buying situation. If you have questions about our loan options, visit our website or stop in to speak with one of our experience local mortgage lenders. 

Peoples Bank & Trust Co.  

Member FDIC  

Equal Housing Lender  

NMLS #407724 

home staging tips

Staging Tips for Selling Your Home

Staging your home can just be another hectic task on your plate to get your house sold. Here are a few tips on how you can stage your house to sell easily and on a budget.  

Curb Appeal to Make a First Impression   

A good curb appeal will stand out to your buyers immediately. Good landscaping and outside projects can take time. If you’re in a rush to get your exterior ready to go, the first thing to focus on would be removing dirt from the siding, roof and gutters. A good pressure washer can clean the dirt right off, and while you’re at it, you can clean off your porch and walkways. If you have outdoor furniture, sometimes a good pressure wash can make them look refreshed and new.   

Another curb appeal tip is to clean up your edging for a clean look. Doing this around any landscaping or flowerbeds will up their appearance. Once your edging is sharply complete, consider laying some additional mulch or rock to give a fuller look. Adding some florals and greenery can give color and fill in empty flower beds or pots.   

Cook Up a Good-Looking Kitchen   

The key to quickly staging your home on a budget and on short notice is not to take on too many projects, but to minimalize and declutter. A kitchen can look much more attractive if the small appliances are put away. The more you can start packing away for the new place and get off the counter, the better. A few small replacements you can make are replacing the rusty or dripping faucet. This can add so much to the look of your sink and make your kitchen overall look much cleaner. Changing the hardware on your cabinets can also add to a better look for your kitchen. The backsplash is huge in today’s kitchen design styles, and it can be added very easily. There are many DIY options available that you can simply peel and stick. When staging your kitchen, consider it a refreshed facelift, not a completely new look.   

Functional Furniture Placement   

Furniture placement is a huge factor in how buyers view the home and the overall space. You may have to remove some furniture to give a more open feel to move around. You do not always have to have furniture pushed against a wall – pull the furniture out to fill the space for a homier look. This will also make the room appear larger. Minimal accessories on your coffee table can give a clean and sleek look. A few blankets and throw pillows are always an easy addition to spruce up what you already have, just be sure they flow with the furniture and match. Adding a lamp in a darker corner to add brightness can help add to the space. If you have wall hangings up, make sure they are appropriately sized for that wall and that they are straight.   

Accessorize With Accents  

When it comes to accessorizing your home, the key takeaways are to depersonalize and declutter. Potential buyers want to envision themselves in your home, so depersonalizing your décor can best allow them to do that. This may entail removing family photos, certificates or awards, or personal items. There are several stores that offer cheap generic art that could fill the space and make it easy to pack away personal items. As for replacing personal items, add some neutral pots with greenery, books or even some inexpensive accents such as candles, bookends or decorative beads to fill those bare spaces. The more minimal your counters, shelves and tables can be, the more refreshed they will look to your buyer. The rule of thumb is you should decorate in threes rather than in a pair to look a little more relaxed and unsymmetrical.  

Sell With the Smell   

Everyone wants to walk into a good-smelling house. Oftentimes these aromas can affect the way your buyers feel and think as they walk through your home. It can be hard for us to notice what may come off as an odor in our house to someone else. Remove the dog bed or kitty litter well in advance to diminish the smell of a pet. Put your overflow of shoes away. The old plants you may have can be stored away temporarily. To overcome odors, add plugin air fresheners and diffusers to give off a gentle, yet clean scent. You can light candles to give off warmth and a homey aroma. Some scents to consider would be something smelling like a baked good or vanilla. Some sellers even go as far as making cookies before the showing for an aroma of freshly baked cookies. Through the rest of your house, you can absolutely utilize fresh flowers to fill a surface and add a nice floral scent through the space.   

Some Extras to Add  

1. Home Office  

Adding an office is always smart to show there is room for one, especially in the world we live in with a lot of people having the option to work remotely. If you have the furniture and could set up a room for an office, it would be a great way to show diversity amongst rooms. If you do not have a full room, renovate a nook to work as a functional office and fill that space up efficiently.   

2. Organizational Units for Closets  

Another extra to add would be some budget-friendly storage options to tidy up closets but accent the storage you have in a more luxurious way. We all desire storage, so the key is to show it off.   

3. Plush Bathrooms  

Consider adding a clean shower curtain and plush towels and rugs for your bathrooms to create a spa feeling. While you are touching up your bathrooms, be sure to address any hard water stains and dirty grout.   

4. Luxe Bedrooms   

Lastly, make your bedrooms feel luxurious with plush pillows and clean linens. Everyone wants a comfortable bedroom they can unwind in. Give this feeling to potential buyers by tidying up yours for a simple, yet luxe look so they can envision making it their own.   

What You NEED to Remove   

1. Remove Your Pet   

One of the big things to remove would be any pets. We like to think we all have a sweet spot for a furry friend, but when showing your home, buyers do not want to be greeted by your pet, especially if they are allergic, do not like pets or are turned off by their odor.   

2. Remove Pet Items  

As mentioned above, removing your pets would also include all their things such as a crate, food bowls and toys almost as if they do not reside with you. Eliminating the sense you’re a pet owner can give the impression of a clean and well-kept home. The last thing you want your potential buyers to notice is dog hair all over and a pet odor in their potential new home.  

3. Remove Clutter and Personal Items  

Staging your home can be the extra push you need to get your home sold. Cleaning up the clutter and the personal items can allow potential buyers to envision the space as their own. Sometimes, you can even work a deal with a buyer and get rid of some furniture, solely because it fits your space so perfectly. The great part about staging your home is that it forces you to start packing up and maybe even declutter your things before the big move.  

Now that you’ve read all about the tips to stage your home, start decluttering and depersonalizing today to sell with confidence!  

  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

new home; best kept secrets

Best Kept Secrets for Purchasing a Home

Buying a home is a big deal. Here are a few of the best-kept secrets you need to know before buying a house.  

Secret #1 

The first secret for purchasing a home is to scope out the neighborhood you are thinking of buying in and do it a lot. The reason you should do this is to see if it is an enjoyable place to be and that it is a neighborhood you could envision yourself and your family being a part of.  

Driving by at different parts of the day is important to notice any commonalities. Stalking the neighborhood in advance is very important, just think if you moved in and noticed after the fact something in the neighborhood really bugs you. If you have the opportunity, ask those who live in the neighborhood what their thoughts are. Maybe you’ll even get the 411 that another house is for sale soon. All the time you spend driving over to check out the neighborhood will give you a good idea of the drive time when you move to the frequent places you are going to such as work, church or the grocery store.  

Secret #2 

The second secret is to a deep dive into checking into the nitty-gritty of the home. To start, bring along a close friend or family member who is handy and can help give another opinion of what they see or notice that maybe you did not. Sometimes when buying a home, we are blind to small things because we want to love it, so a second or third point of view is always a great idea.  

Consider hiring a house inspector to give you an unbiased report of what is truly under the hood of your potential new home. If there is something that either you, the inspector or your friend notice, that is a good bargaining chip to negotiate on the price.  

Secret #3 

The third secret is to not try and predict the housing market. Waiting on buying with hopes for a better housing market could cost you the house of your dreams. You truly cannot wait if you are ready to purchase and it is one you can afford.  

Secret #4 

The fourth secret is to get approval for a home loan before you do anything. If you are planning on financing your home with a loan, consider getting pre-qualified well in advance. When you are actively ready to start looking and buy, be sure to get pre-approved for a home loan so you can be on the ball if the perfect home comes on the market.  

Secret #5  

The fifth secret is to be incredibly wise well in advance with your money. When preparing to become a homebuyer, it is important to refrain from any large purchases for up to 6 months before buying to show lenders your financial stability. You do not want a larger purchase to affect your credit score when you are close to purchasing a house. This also allows you to save up for when you are ready to buy – maybe you’ve saved up enough to up your bid a bit or purchase some additional furniture or upgrades once you do buy.  

Now that you’ve read about these best-kept secrets, you know you cannot be rushing around for a home loan. There is a ton of time and resources that go into getting approved. Are you looking to buy and need to get pre-qualified or pre-approved? Reach out to Peoples Bank & Trust now to set up an appointment with a mortgage lender.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS# 407724 

Home Sweet Home

6 Reasons Why You’re Ready for Home Ownership 

Questioning if you are prepared to become a homeowner? Here are six helpful tips to break down buying a home and what you need to be prepared for. Purchasing a home can be a stressful process. Let these recommendations set you up financially and emotionally when you are ready to pull the trigger on buying.   

1. Be Mentally and Financially Ready  

Maybe you have reached your savings goal or have gotten out of debt. Knowing you are ready and what you want is probably one of the most important pieces of the house buying process. Buying a home is a big investment, so be sure you’re in a financial situation ready to pay for the house itself, property taxes, homeowners insurance, along with the furnishings and upkeep of your home.   

2. Check Your Credit  

Another big part of being ready for homeownership is making sure you have a good credit score. Your credit score will help determine the loan you can qualify for during this process. If you can qualify for a better interest rate, that will help lower what you are paying monthly towards your mortgage.   

3. Have a Steady Income  

Being sure you have a steady income is highly important when wanting to buy a home. Down payments can be a good chunk of money. You will want to be sure your income and savings will allow you to put down a very healthy payment. Mortgage lenders will check your income along with your credit score, as they both show your ability to repay. Purchasing a home is a very big financial and emotional decision, so being sure financially you’re in a good place can help give you peace of mind on the emotional side. It is important to think through your 5 or even 10-year personal and professional goals before buying. You’ll want to think about family, relocating for work and where you truly want to be at that stage of your life.   

4. Build Healthy Savings and an Emergency Fund  

There is a lot to think about when purchasing a home, but hopefully this helpful tip you have already been working on! It is especially important, regardless of whether you are buying a home, to be working towards healthy savings and an emergency fund. Why do you need strong savings and an emergency fund when buying a house? Along with the house itself, there can be many expenses and often unpredictable circumstances. Having some additional savings can ensure your comfort when moving as expenses arise. Setting aside money to build healthy savings will be great backing as you adjust your budget and incur monthly house payments.   

5. How Much House Can You Afford?   

How do you know what you can afford? There are several methods for calculating what you can afford, as well as several factors to address. You can utilize online down payment calculators to give you a better idea of what to expect.   

Down Payment Calculator: Calculate Your Down Payment https://bit.ly/3I0xCHM   

Refer to your budget to analyze your gross monthly income as well as annual. After you can nail down what you are bringing in, look at your set expenses. Another expense to account for is your state property taxes. Many lenders will utilize the 28/36 rule to determine their ability to afford a house. Money.com shares the 28/36 rule suggests your housing expenses should be no more than 28% of your total pre-tax income. Your total debt should not exceed 36% of your pre-tax income.  

6. Align with Your Personal and Home Goals   

Once you have learned about your home affordability, be sure making the move aligns with what you want. Buying a home is a big deal and can take up a good chunk of your budget. If it is more important to you to have the extras over a home, consider crunching the numbers to see what life would look like moving forward. In reality, when purchasing a home, you may have to push back that vehicle upgrade or vacation. Those are all good things to think about when aligning your personal goals with your home goals. It is critical to acknowledge the future and factor in your goals.   

The process of deciding to buy a home can be a lot to think about. Share these helpful tips with a friend, colleague or family member who is debating homeownership. Reach out to Peoples Bank & Trust today to discuss a mortgage on your new home! We would be happy to help you through this exciting process of becoming a homeowner.  

Peoples Bank & Trust Co. 

Member FDIC 

Equal Housing Lender 

NMLS #407724 

moving-boxes

How Much Does Moving Cost?

If one of your to-dos for 2022 is packing up your house and moving, you may be wondering how much that will end up costing you. While the amount varies greatly depending on how far, how much stuff you have and other factors, this blog will help you come up with an idea of what to expect. 

Average Moving Cost 

Local move: $1,250 

Long distance move: $4,890 

Factors Affecting the Cost 

The following factors are unique to your specific moving experience, meaning the price you pay varies: 

1. Fuel 

If you have a long-distance move, gas money is an expense to keep in mind. Not only do you have to drive any vehicles you have to the new home, but you also must pay a per-mile rate if you use a moving truck. 

2. Amount of Items 

The size of your moving truck will affect how much you pay for it, so if you have more things to move it will be more expensive. If you’re hiring a moving service, it’ll also take them longer to move the boxes out if there’s more stuff.  

3. Storage 

Sometimes moving gets a bit complicated and you need to store your belongings in a storage unit for a period of time. Storage rates vary as well depending on the place, how much you have to store and how long you store your items for. 

Cutting Costs 

Now that you know the general costs of moving, it’s time to discuss a few ways you can lower those costs to make your moving experience as cheap as possible: 

1. Reach Out for Help 

Ask your family members and friends to help with packing and moving if possible. There’s a good chance you’ll get plenty of help at no cost! 

2. De-Clutter and Sell Some Items 

One of the best ways to make the moving process both cheaper and easier is to go through your things as you pack and make a pile of items you no longer need. Take this extra stuff to a donation center and you’ll clear up lots of space in the moving truck. 

3. Find Free Moving Supplies 

Rather than going out to buy a bunch of boxes, seek out free supplies from grocery stores, office buildings, schools and other places that may have boxes to get rid of.

Do what you can to be prepared for the moving costs to come as well as to cut costs as much as possible. We wish you the best of luck on your new adventure this year and we hope the moving process goes smoothly! 

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender