Loan Products - Mortgage Loans

Fixed Balloon Mortgages             Apply Now

Peoples Bank & Trust Co. can provide you with a low closing cost balloon mortgage on your primary residence.  These mortgages have competitive rates and do not require private mortgage insurance.  There is no application fee, in fact pre-qualifications are free, but other customary closing costs do apply.  Just one more way Peoples Bank & Trust Co. makes banking easier.

Home Equity Loan (2nd Mortgage)             Apply Now

Take out the cash in your home with our Home Equity Loan.  You can borrow up to 89% of the appraised value less your first mortgage.  With competitive rates you can use the equity in your home to update that kitchen, make an addition to your home or pay off high interest credit cards.  There is no application fee, in fact pre-qualifications are free, but other customary closing costs do apply.  Just one more way Peoples Bank & Trust Co. makes banking easy.

Home Equity Line of Credit             Apply Now

Got Cash? You can use the equity in your personal residence to secure a low variable rate revolving line of credit. You can borrow up to 100% of the value of your home less your first mortgage, and if you advance $5000 or more for a period of 90 days at closing time we waive all closing cost plus the first years annual fee of $75. Minimum loan amount is $5,000 and payment can be set to 1% or 2% of the outstanding balance, and your interest is often tax deductible*.

* Please contact your tax advisor for tax deductibility
Rental property, condos, manufactured/modular homes, and commercial property do not qualify

Construction Loans             Apply Now

You have found the perfect lot and now ready to build the house of your dreams. The professionals at Peoples Bank & Trust Co. are ready to assist you with our construction loan program. With the option of 6 or 9 months you could soon be in your new home faster than you think.

Loan Requirements:

1. Application, tax returns, W-2’s
2. Set of detailed plans
3. Detailed Material List
4. Signed building agreement with Contractor’s name address & phone number, house specifications, budget, draw schedule, and start and completion dates.

Draw Process: Disbursements will be made after an inspection to insure that the work has completed in accordance with the plans and spec, with in budget, and construction schedule.

Bridge Loans             Apply Now

Bought a house and still need to sell your current one? Let Peoples Bank & Trust Co. bridge the gap between your existing home and your new one. Our bridge loan program allows you make this transition while only having to make monthly payments on one of the mortgages. Maximum term for bridge loans is one year. We can lend up 89% of the appraised amount less your 1st mortgage on the residence you are selling or lend you 89% of the appraised value on the home you are buying. Just one more way Peoples Bank & Trust Co. makes banking easy.

Vacant Land Mortgages             Apply Now

Found the perfect piece of land, but no ready to build just yet? Let Peoples Bank & Trust Co. finance your property for you. Contact one of our loan professionals today.

Manufactured/Modular Home Loans             Apply Now

Peoples Bank & Trust Co. can provide fixed rate financing for manufactured/modular homes.  Call a loan officer for specific details and information.

Long Term Fixed Rate Mortgages             Apply Now

Conventional

Conventional loans are mortgages that are not covered by any government program of insurance or guarantee. These loans can carry fixed or variable rates and a variety of repayment terms that can be tailored to your individual needs. Down payment requirements may be as little as 5%, although loans with less than 20% require mortgage insurance. Generally, these loans do not have prepayment penalties.

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FHA(Federal Housing Administration)

FHA loans are ideal for first-time homebuyers and those low to moderate-income borrowers. Loans are insured by the Federal Housing Administration. Down payments may be as little as 3%. Our area is designated with a maximum loan amount of $200,160. Seller can pay up to 6% of the closing costs. Down payment can be a gift from a relative or a non-profit organization.

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VA(Veteran’s Administration)

VA loans are available to individuals who have served or are currently serving in the U.S. Armed Forces that meet eligibility requirements. VA mortgages may be provided with no down payment requirement, making them ideal for first-time borrowers.

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FmHA(Farmers Home Administration)

100% financing of the appraised value for qualified families. Income must meet Rural Development County income limit. No reserves are required. Seller may contribute up to 6% of the borrower’s closing costs. Term is for 30 years only.

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Pre-Qualification Form