Common Questions:
What can we help you with today?
Yes, you can prepay your Home Equity loan without penalty.
Most of our Home Equity products do not have closing costs unless the loan amount exceeds $250,000. You may be required to pay some closing costs (estimated $500 unless a Full Appraisal is needed) on our promotional Home Equity products.
Our rates are tiered by credit score and depend on the product and term you choose.
A Home Equity Loan gives you the money up front with a fixed rate and a fixed term. Monthly payments are principal and interest.
A Home Equity Line of Credit gives you easy access to your money when needed. Lines of Credit have a variable rate and will adjust with the Prime Rate. Monthly payments are interest only but you can paydown on the principal at any time.
You do not have to open an account before applying for any loan. However, you must become a member of the credit union before your loan closes. Becoming a member is easy. Simply open any type of deposit account that you wish. Each person on the loan must be named on at least one account.
When you apply for a mortgage we must verify every statement made on the application relative to your income, debts, bank accounts, properties owned. We have a team of knowledgeable mortgage professionals that will help you every step of the way.
Based on your particular loan you may be able to pay your own taxes if you wish to do so.
We do sell and underwrite to secondary market (Fannie Mae) guidelines. However, we will service your loans, so you will always pay your mortgage directly to us.
First and foremost People’s does not collect any fees for you to apply. Closing costs vary depending on the type of mortgage and the amount of the mortgage you apply for, and will vary based on your situation. Fees are broken down into categories. For example, fees may be charged by outside venders for the Credit Report, Appraisal, Attorney Fee, Tax Service, or a Flood Certificate. There are also fees collected by the town such as recording fees and taxes. The only fees collected by People’s Credit Union are for underwriting the loan.
Getting preapproved from People’s lets dealers know that you are a serious buyer and you can be confident knowing that you have a great low-rate financing option.
There is no limit to the amount that you can deposit at an ATM. The availability of those funds is limited, however. Please see our funds availability policy for more details..
Please visit our ATM locations page for a list of our branch locations and other surcharge free ATMs.
