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Mortgage Loan Q&A


What is a mortgage portfolio and why is it an important consideration when choosing a bank?

Many banks these days buy and sell the servicing of loans like commodities. We don’t. We hold all the papers on our mortgages and work directly with applicants and mortgage holders to support their success. Our customers benefit from the long-term relationships that we work hard to develop and maintain.


Are mortgages safe and secure at Peoples First?

While some in the banking industry have acted irresponsibly, customers should know that Peoples First is NOT among them. In fact, we are rock solid. We have not had a single “foreclosure” due to making unqualified loans as a result of extending credit inappropriately.


How do you qualify potential applicants for mortgage loans?

For the last 100 years, we have worked with our customers to understand their lives and support their futures responsibly. When making lending decisions, Peoples First understands that life events are as important a consideration as credit scores. Life is difficult enough, we do everything we can to help get you on your way in a manner that helps ensure success long-term.


How important are credit scores?

Credit scores are certainly important, but we believe that life events may influence your credit rating. Even though Peoples First Savings Bank is a conventional lender; as a home town bank, we have the flexibility to consider your credit score and your life circumstances.


Where can I find rate information for the savings, checking and loan products offered by Peoples First?

On-line at or a friendly Customer Care Representative can assist you.


Should I get pre-qualified for a mortgage before I search for a home?

Yes, with our simple pre-qualified process, you know for sure that you are qualified to purchase the home of your dreams.


How do I get pre-qualified?

Call to speak with one of our mortgage professionals. You can set up an appointment to meet in person or provide the information needed over the phone.


What is a Loan Estimate and why is it important?

A Loan Estimate is a detailed breakdown of all fees and closing costs that are included in a loan.


How much cash will I need for closing costs?

Closing costs vary depending on your loan amount and type of loan. Call our mortgage professionals for a quote.


What is included in a mortgage’s closing costs?

Our closing costs include the appraisal, credit and flood reports, document preparation, and recording, origination and title exam fees.


What are third party fees?

Third party fees include costs for the appraisal, credit and flood reports, title exam and recording fees -- all are included in our closing costs.


What is a rate lock?

A typical rate lock is 30 - 60 days.


Can I buy down my rate?

Yes, you may pay a fee to lower your mortgage rate.


Are there any other fees or money that I will need to bring to the closing?

Pre-paid interest is the only additional funds necessary to bring to the closing.  And in the event that an escrow account is being set up to pay real estate taxes and/or homeowners insurance, those funds are collected at closing as well.


What is pre-paid interest?

Pre-paid interest is money that must be paid from the day of closing until the end of the month.


Do I need hazard/homeowner’s insurance? If so, how much?

Yes, insurance is required to cover the amount of your loan.


Do you hold your own mortgages or do you sell them?

Peoples First has never sold the servicing on mortgage loans. We are an in-house lender and we maintain our own portfolio.



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