Peoples Federal Savings Bank - Home Mortgage

Peoples Federal Savings Bank

15534 U.S. 12
PO Box 298
Union, MI 49130
Phone: (269) 641-7979
Fax: (269) 641-7366

Mortgage Loans

For most people, purchasing a home will be one of the biggest decisions of their lives. That's why Peoples Federal Savings Bank offers a variety of mortgage loan options and lending experts that are there to answer any questions you may have along the way. So, whether you've bought and sold homes before or this is your first time, let our loan experts help take care of your mortgage needs.

Primary Residence

Peoples Federal Savings Bank makes loans for the purpose of purchasing or refinancing the home that serves as your primary residence. These loans are available in a variety of terms and can be obtained with either a variable or fixed interest rate. Some loans will not qualify for a fixed rate due to a variety of factors. Please talk to one of our mortgage specialists, so that they may help you through the loan process and help to determine what mortgage options are available for your particular situation.

Secondary Residence

Peoples Federal Savings Bank makes loans for the purpose of purchasing or refinancing homes that do not serve as your primary residence. Whether it is a vacation home, seasonal residence or lake property, we may have the right loan for you. These loans are available in a variety of terms and can be obtained with either a variable or fixed interest rate. Some loans will not qualify for a fixed rate due to a variety of factors. Please talk to one of our mortgage specialists, so that they may help you through the loan process and help to determine what mortgage options are available for your particular situation.

Investment Properties

Investment property loans are loans made for the purchase or refinancing of a residential property that is going to be leased to generate income for the property owner. The terms of an investment property loan can vary due to a variety of factors. Please contact a mortgage loan specialist to see what options may be available for your particular property and situation.

Construction loans

Peoples Federal Savings Bank offers loans for the construction of residential properties. If a borrower meets all of the guidelines for a traditional real estate loan, a borrower may also qualify for a six month note to finance their project. Funds are disbursed with draws. Each draw requires a property inspection. Interest is charged on the outstanding principal balance of the loan and billed monthly. Construction loans can be available for primary residences, secondary homes and seasonal homes. Please speak to a mortgage specialist for further details.

Swing Loan

A swing loan is a mortgage vehicle that the bank offers to assist borrowers in the transition of changing homes. In this type of loan product, two homes are taken as collateral (The residence being purchased and the residence that they are moving from, which is now for sale). The customer must possess the income necessary to support the total debt amount. The combined collateral must also support the loan to value guidelines of the bank. The product is generally used when the customer has not been able to sell their current home, yet they are purchasing a new one and need the equity in their original home to support the down payment. Please see one of our mortgage specialists for more details.

Building Lots

Peoples Federal Savings Bank offers loans on undeveloped land. The primary purpose of these loans is to purchase the land for future development as building lots. These loans can be made for a variety of terms. These terms may vary greatly from a traditional residential mortgage. The bank will, in some cases, lend money on raw land. Please consult one of our mortgage specialists to see how one of these loans may suit your particular situation.