Category: Mortgages

Home Buying in 5 Easy Steps

Mortgage

So you’ve decided to buy a home. Congratulations! You are about to embark on one of the most important purchases of your life. With so many options and financial decisions ahead of you, here are some key tips we want to share to help determine your ideal path to home ownership.

  1. Evaluate your Financial Readiness

There are many factors in determining your current financial capabilities when considering the purchase of a home. Add up your current monthly expenses, except for your current rent payment, and see if a mortgage payment can effectively be added without diminishing your overall monthly budget. If the answer is yes than it’s time to check your credit history! Every bank, and the individual loan types they offer, have various requirements. Take the time to research these programs and determine which suits your specific needs.

  1. Get a Mortgage Pre-Approval

Once you know your ideal lending option, it’s time to get pre-approved! By speaking with one of our experienced lenders you can determine if you qualify for various loan offerings, and at what amount and terms.

  1. Determine Your Overall Budget

Even if you qualify for more, it may be beneficial to cap your budget at a smaller amount. This will help you prepare for any unforeseen expenses, or higher than anticipated utility bills. Other factors to consider in setting your budget are savings goals, planned future expenses, additional costs to commute, and any unplanned repairs or renovations to the home.

  1. Find Your Perfect Home

Take your time while searching for your perfect home. Most home buyers stay in the same home for nine years before moving again, so you want to make sure this new house has everything your family needs. By working with a trusted local realtor you can ensure that you see all available properties within your budget, and act on new listings quickly!

  1. Close the Deal

Once you’ve made an offer on your dream home it’s time to make the purchase official! Work with your realtor to sign the purchase agreement, and close the transaction. Your mortgage lender at Peoples Bank & Trust will work to ensure the funds for your home mortgage arrive quickly and hassle-free. Once the t’s are crossed and the i’s are dotted, you are officially a home owner!

After becoming an official home owner it’s time to celebrate! You did it! At Peoples Bank & Trust we want to help guide you through your home buying adventure! Give us a call at (636) 528-7001 or apply online today to get started.

 

Peoples Bank & Trust Co.

NMLS# 407724

Equal Housing Lender

Member FDIC

Building Your Dream Home in 10 Steps!

construction

It’s almost spring, which means it’s construction season! In a time where anything can bloom, learn the ins-and-outs for how to grow your dream home into reality. Discover how to navigate the home building waters with these 10 easy tips to constructing your ideal home:

  1. Budget

No matter if you’re building the city’s largest mansion, or a humble abode out in the country, you’ll need proper financing to make it happen. To secure your home lending you’ll need a plan, and a budget. Sit down with your family and decide the bare bones of what you’re looking for and what it will cost. Be sure to account for potential problems, additions, and upgrades.

  1. Find your ideal land.

With so many options, sizes, locations, and other factors, be sure the price tag on your ideal plot is factored into your budget. Working with a realtor and your financial lender can help determine what factors to consider when choosing.

  1. Get a home mortgage from Peoples Bank & Trust

Now that you know your price point, you can get a pre-approved mortgage from Peoples Bank & Trust. Make the search for your future contractor easier by having quick and easy access to your designated financing.

  1. Hire a contractor.
    Ask your realtor to provide some contractor recommendations, and be sure to research companies before investing in a signed contract. Contractors are like any other company, they want your business, so shop around and don’t be afraid to negotiate.
  2. Set Timeline and stick to it

Work with your contractor to establish a goal for both the big picture, and all the little projects to get there. Speak with your provider and if you’re handy, there may be projects that you can complete to save on labor, such as speaker wiring or painting.

  1. Adjust Financing if needed.

Building a home is a process, and along the way there may be aspects of construction that change. We’ll help work with you and your budget to adjust your financing as needed, or work to include an option for a line of credit.

  1. Complete the Home Building Process

Ta-da the day is finally here! Now that you have your keys in hand it’s time to start making your house a home. Decorating, and adding those family details will help make your new construction feel like a familiar family retreat.

  1. Reorganize Finances

After the building process is complete it’s time to take another look at that budget. Did you stick to your financial goal, spend more or less than you planned for? If you’ve spent less than planned for congratulations! You can now lower your principal amount by paying off a portion of your mortgage with the surplus of funds. If you’ve spent more than budgeted for, just be sure to look into your finances and see if you need to adjust your spending or if you have the cushion to continue with larger payments.

 

  1. Make a New Household Budget

With a new home, come new expenses. Be sure to keep your eye on the prize by tracking monthly expenses and creating a strategic spending plan including utilities, mortgage payments, insurance, and any home owner association fees.

  1. Enjoy Your New Home

After all the time and effort that goes into creating a home it’s time to enjoy it! Have a house warming get-together or just sit back and relax, but be sure to celebrate because this is surely an accomplishment!

We know home building can be a hectic process, and that’s why we’re here to help you along the way! Stop by or call us today to learn about all of our home financing options! We can’t wait to see your dream home come to life.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS#407724

Choosing Your Ideal Mortgage Lending

Mortgage Lending

Mortgage Options

Winter is the ideal buyers-market for purchasing your next home. With motivated sellers, bargain prices, and available professionals, the chilly months offer the perfect opportunity to find your ideal home at an ideal price. When it comes to searching for your next abode be sure to begin by securing an approved mortgage. At Peoples Bank & Trust we offer a variety of mortgage options to suit every family and circumstance:

FHA Loans: Popular among first time homeowners and those rebuilding credit, the Federal Housing Administration backed loan, enables buyers to obtain a mortgage with little down, even if they have a lower credit score. Mortgage insurance is required for FHA loans, which adds an additional monthly cost that is included in your mortgage payments.

USDA Loans: For those looking to move to rural areas, the United States Department of Agriculture offers loans to aid low or moderate income families in buying, repairing, and renovating homes. There are three categories of loans for various incomes and buying intentions.

VA Loans: For those who have served in the military, or are currently serving, Veteran Affairs offers home loans in conjunction with local lenders. This loan requires no money down or mortgage insurance.

Once you’ve spoken with one our helpful lenders, the hunt is on for the perfect home! Be sure to keep these simple steps in determining the ideal home for you and your family.

  1. Look at homes only within your budget.
  2. Decide your ideal area, and your potential commute.
  3. Plan for the future, if your family is growing, additional bedrooms may a something to consider.
  4. Think for the seasons. Make sure that if Mother Nature throws some bad weather your way the house will remain safe and stable.
  5. Work with a realtor who knows the area.
  6. If you have questions, ask! Whether it’s about searching for your home, or extending your financing, make sure you’re educated in all of the options in front of you.

At Peoples Bank & Trust we are here to assist you with all of your home financing needs. Learn more about our mortgage lending options or visit your local bank branch. No matter the season, we’re here to help you on your way to home ownership.

Peoples Bank & Trust Co.

Member FDIC

Equal Housing Lender

NMLS #407724

Your 2015 Home Buying Guide

The ultimate guide to helping you purchase a home.

The ultimate guide to helping you purchase a home.

The spring usually indicates the beginning of home buying season. Home buying season can be an exciting time for first-time and experienced home buyers alike. Today, Peoples Bank & Trust is bringing you a home buying guide to assist with the home purchasing process.

Continue reading →

Know Your Mortgage Options

Spring and warmer weather are on their way again soon, meaning the prime time for buying and selling homes is as well. Purchasing a new home is no small decision. It is something that requires a lot of time planning and ensuring your finances are in order. It also requires that you get the right mortgage in place. Having the right mortgage for your needs is essential, as the wrong mortgage type can lead to spending hundreds or thousands more over the life of the loan than you need to. With so many mortgage options available – adjustable rate, fixed rate, balloon and bridge to name a few – how do you know which is best for you? The mortgage guide below will help you learn more about each loan type, including drawbacks and benefits. Once you’ve read through it, be sure to get in touch with the mortgage lenders at Peoples Bank & Trust to start a conversation about your home loan needs. Mortgage Guide Adjustable-Rate Mortgages, also known as an ARMs. •Interest rate: varies based on market conditions. ARMs come with change caps and lifetime rate caps to prevent huge jumps in mortgage payments. • Ideal for: those who are only going to be in a home for a few years. • Benefits: allows you to take advantage of periods of low interest rates. • Drawbacks: mortgage and interest payment can change each month, making it hard to budget for. Fixed-Rate Mortgages • Interest rate: locked in for the life of the loans. • Ideal for: those who will be living in their homes for a long period of time. • Benefits: simple to understand, and the fixed monthly payments are easy to budget for. • Drawbacks: may be too expensive if you purchase your home in a time of high interest rates. Balloon Mortgages • Interest rate: fixed for the life of the loan • Ideal for: someone expecting a large injection of cash or capital soon or those who will be moving out of the home soon. • Benefits: short-term, allow you to get large amounts of financing for lower interest rates • Drawbacks: the full balance of the mortgage is due at the end of the term. Bridge Loans • Interest rate: fixed for the life of the loan. • Ideal for: anyone wanting to purchase a new home before they sell their current home. • Benefits: gives you the short-term financing you need to purchase a new home before selling you current home. • Drawbacks: payments may be larger as the full balance of the loan must be paid by the time permanent financing is secured. If you have any further questions about your mortgage options, be sure to contact a mortgage lender at Peoples Bank & Trust. They take the time to listen to your needs to offer the best mortgage solution possible. We hope to hear from you soon! Peoples Bank & Trust Co. Member FDIC Equal Housing Lender NMLS #407724

There are different types of mortgages to choose from, a choice that can cost or save you thousands of dollars.

Spring and warmer weather are on their way again soon, meaning the prime time for buying and selling homes is as well. Purchasing a new home is no small decision. It is something that requires a lot of time planning and ensuring your finances are in order. It also requires that you get the right mortgage in place.

Having the right mortgage for your needs is essential, as the wrong mortgage type can lead to spending hundreds or thousands more over the life of the loan than you need to. With so many mortgage options available – adjustable rate, fixed rate, balloon and bridge to name a few – how do you know which is best for you?

The mortgage guide below will help you learn more about each loan type, including drawbacks and benefits. Once you’ve read through it, be sure to get in touch with the mortgage lenders at Peoples Bank & Trust to start a conversation about your home loan needs.

Continue reading →