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Mortgages
Effective Date: Sunday, October 20, 2019
| Product | Rate (1) | APR* (1, 2, 3) | Payment Example (2, 3) |
|---|---|---|---|
| 15 Year (180 months) Fixed Rate Mortgage | 3.250% | 3.371% | $1054.00 |
| 20 Year (240 months) Fixed Rate Mortgage | 3.750% | 3.848% | $889.33 |
| 30 year (360 months) Fixed Rate Mortgage | 3.875% | 3.946% | $705.36 |
*APR equals Annual Percentage Rate.
1. Rates and APR are current as of the effective date listed above. Rates are subject to change without notice.
2. APR and payment example are based on $150,000 loan amount, 20% down payment, 0 points. Private Mortgage Insurance (PMI) may be required for down payments less than 20%. Payment example is for principal and interest only. Payment amounts do not include taxes or insurance, actual monthly payment will be higher.
3. APR and payment example include a $350.00 underwriting fee, $350.00 processing fee, $140.00 document preparation fee, $11.00 flood certification fee, $200.00 verification fees and 15 days prepaid interest.
Other rates and terms available, please contact a Mortgage Loan Originator at 219.853.7500 for more details.
Special Loan Program Pricing
For information on special programs such as a lot loan, construction loan and jumbo loan pricing, please contact a Mortgage Loan Originator at 219-853-7500.
Home Equity Line of Credit
Effective Date: Sunday, October 20, 2019
| Product | Rate | APR* | Minimum Periodic Payment |
|---|---|---|---|
| 10 year Variable Rate Fixed for the first 4 months, then variable thereafter for 10 years (draw period) | 2.75%* | 5.25%* | $114.58 for the first 4 months; $229.17 beginning in the 5th month* |
| 5 year Fixed Rate (draw period and term) | 5.25%** | 5.25%** | $218.75** |
| 10 year Fixed Rate (draw period and term) | 6.25%** | 6.25%** | $260.42** |
*APR equals Annual Percentage Rate. Based on credit score of 720 or above. Introductory APR is good for 4 months from the date of closing. After 4 months the rate will adjust to Wall Street Journal (WSJ) Prime plus .75% for lines $5,000 to $49,999; WSJ Prime plus .25% for lines $50,000 to $99,999; or WSJ Prime for lines $100,000 or more. As of 09/19/19, WSJ Prime was 5.00%, which results in APRs of 5.00% – 5.750%. The floor rate is 5.00% and the ceiling rate is 16.50%. For example, the initial minimum monthly payment on a $50,000 line would be an interest only payment of $114.58 for the first 4 months, and interest only payment of $229.17 beginning in the 5th month and for the remaining Draw Period of up to 10 years. The minimum monthly payment will be equal to the interest that has accrued on your account as of the closing date of each billing cycle. Paying only the minimum monthly payment during the Draw Period will result in the remaining balance being amortized over the next 10 year Repayment Period. $50.00 annual fee assessed on first monthly statement. Property insurance will be required. Loan application must meet Peoples Bank’s underwriting standards and is subject to formal loan approval. Rates are subject to change without notice.
**APR equals Annual Percentage Rate. Based on credit score of 720 or above. APRs are current as of 09/23/19, and are for new Home Equity Lines of Credit. For example, the minimum monthly payment on a $50,000 line would be an interest only payment of $218.75 for the APR of 5.25%, and $260.42 for the APR of 6.25%. The minimum monthly payment will be equal to the interest that has accrued on your account as of the closing date of each billing cycle. Paying only the minimum monthly payment during the Draw Period will result in the remaining balance being amortized over the next 15 year Repayment Period for the 5 year Fixed Rate, and 10 year Repayment Period for the 10 year Fixed Rate. $50.00 annual fee will be assessed on 1st monthly statement. Property insurance will be required. Loan application must meet Peoples Bank’s underwriting standards and is subject to formal loan approval. Rates are subject to change without notice.
Draw Period – is the period of time that you are able to borrow funds using your Home Equity Line of Credit (HELOC), up to your credit limit.
Repayment Period – begins at the end of your Draw Period and is the period of time that you repay your outstanding balance. You will no longer be able to draw funds during this time.
Pre-Payment Penalty - There will be an early termination fee if the line is closed within 36 months. The early termination fee will be equal to all third party costs not to exceed $350.00.
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