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Loan Options
Mortgage
A mortgage is a big step. No matter what step you are on, we have answers.
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- First Time Home Buyers
- Construction Loans
- FHA/VA Loans
Home Equity
With no application fees and fast approvals, we have a variety of home equity loan options to fit your needs.
- Fixed rate Home Equity Loans
- Variable rate Home Equity Lines of Credit
Refinance
We have refinancing options that may save you some money. Our experienced team can help you make the process of refinancing simple and easy.
- Lower Your Monthly Payment
- Take Cash Out from Equity in Your Home
- Consolidate Debt
Meet our Mortgage Team
Still have questions? Schedule a free consultation with one of our Mortgage Loan Officers.
Whether you are buying or refinancing, our Mortgage Loan Officers are available to assist you in finding the program that’s right for you. Check the background of your professional Mortgage Loan Officer by visiting NMLS® Consumer Access.
Still Undecided? Start Here.
Rates
Active as of 03.20.2023
Featured Mortgage
Fixed Rate
| Product | Interest Rate | Points | APR* | Monthly Payments Per $100,000 |
|---|---|---|---|---|
| 15 Year Fixed Rate* | 5.25% | 0 | 5.52% | $803.88** |
| 20 Year Fixed Rate* | 5.625% | 0 | 5.84% | $694.97** |
| 30 Year Fixed Rate* | 5.875% | 0 | 6.04% | $591.54 |
DISCLOSURES
Interest Rates are subject to change without notice.
*Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on a credit score of 740 or higher. Other rates and terms available based on creditworthiness. Escrow is required for Loan to Value (LTV) over 80%. Monthly payments are disclosed per $100,000 and LTV of 80% or less. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. APR is accurate as of the effective date. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which could increase your monthly payment and APR.
Step Into Your First Home Mortgage
First Time Home Buyer Program
| Product | Interest Rate | Points | APR* | Monthly Payments Per $100,000 |
|---|---|---|---|---|
| Year 1* | 5.125% | 0 | 6.04% | $544.19** |
| Year 2* | 5.375% | 0 | 6.04% | $559.97** |
| Year 3* | 5.625% | 0 | 6.04% | $575.66** |
| Year 4-30* | 5.875% | 0 | 6.04% | $591.54** |
DISCLOSURES
Interest Rates are subject to change without notice.
*The Base Rate is the prevailing 30-year-fixed rate as locked by the member. The Year One rate equals the Base Rate minus 0.75%. The Year Two rate equals the Base Rate minus 0.50%. The Year Three rate equals the Base Rate minus 0.25%. The rate for years 4 through 30 will equal the Base Annual Percentage Rate. Annual Percentage Rate (APR) subject to change without notice. Minimum credit score of 720 to qualify. Other rates and terms available based on creditworthiness. Maximum LTV is 97% for single family home or condo, 95% for two unit. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which could increase your monthly payment and APR. Rates do not take into consideration possible adjustments based on member’s credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use, and loan purpose. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. All borrowers must be a first-time home buyer purchasing in Rhode Island or Bristol County, Massachusetts.
Featured Mortgage
Adjustable Rate
| Product | Interest Rate | Term | Points | Monthly Payment per $100,000 | APR** |
|---|---|---|---|---|---|
| 5/1 ARM* | 5.375% / 5.375%* | Months 1-60 / Months 61-360 | 0 | $559.97 | 6.87% |
| 7/1 ARM* | 5.375% / 5.375%* | Months 1-84 / Months 85-360 | 0 | $559.97 | 6.62% |
| 10/1 ARM** | 5.75% / 5.75%** | Months 1-120 / Months121-360 | 0 | $583.57 | 6.55% |
DISCLOSURES
Interest Rates are subject to change without notice.
*Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on credit score of 740 or higher. All payments quoted with beginning balance of $100,000. 5/1, 7/1 Adjustable Caps 2% – 6%. Margin 2.50% and current index 5.12%. **The second payment stream will be based on fully indexed rate or the floor rate if the floor rate is greater than the fully indexed rate. Escrow is required for Loan to Value (LTV) over 80%. The monthly payments are disclosed per $100,000. Rates do not take into consideration possible adjustments based on member’s credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use and loan purpose. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. APR is accurate as of the effective date. The APR is subject to increase after closing. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which would increase your monthly payment and APR. Other ARM products may be available.
**Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on credit score of 740 or higher. All payments quoted with beginning balance of $100,000. 10/1 Adjustable Caps 5% after initial 10 years, then 2%-5%. Margin 2.50% and current index 5.12%. **The second payment stream will be based on fully indexed rate or the floor rate if the floor rate is greater than the fully indexed rate. Escrow is required for Loan to Value (LTV) over 80%. The monthly payments are disclosed per $100,000. Rates do not take into consideration possible adjustments based on member’s credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use and loan purpose. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. APR is accurate as of the effective date. The APR is subject to increase after closing. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which would increase your monthly payment and APR. Other ARM products may be available.
| PRODUCT | INTEREST RATE | TERM | POINTS | MONTHLY PAYMENT PER $100,000 | APR** |
|---|---|---|---|---|---|
| 5 TO 1 ARM | 2.875%/2.875% | Months 1-60/Months 61-360 | 0 | $414.89 | 2.97% |
| 7 TO 1 ARM | 2.875%/2.875% | Months 1-84/Months 85-360 | 0 | $414.89 | 2.97% |
| 10 TO 1 ARM | 3.25%/3.25% | Months 1-120/Months 121-360 | 0 | $435.21 | 3.35% |
DISCLOSURES
5 to 1 **Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on credit score of 750 or higher. All payments quoted with beginning balance of $100,000. 5 to 1 Adjustable Caps 2% – 6%. Current margin 2.50% and current index 0.10%. ***The second payment stream will be based on fully indexed rate or the floor rate if the floor rate is greater than the fully indexed rate. Escrow is required for Loan to Value (LTV) over 80%. Monthly payments are disclosed per $100,000 with a 30 year term and LTV of 80% or less. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. APR is accurate as of the effective date. The APR is subject to increase after closing. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which would increase your monthly payment and APR. Other ARM products may be available.
7 to 1 **Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on credit score of 750 or higher. All payments quoted with beginning balance of $100,000. 7 to 1 Adjustable Caps 2% – 6%. Current margin 2.50% and current index 0.10%. ***The second payment stream will be based on fully indexed rate or the floor rate if the floor rate is greater than the fully indexed rate. Escrow is required for Loan to Value (LTV) over 80%. Monthly payments are disclosed per $100,000 with a 30 year term and LTV of 80% or less. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. APR is accurate as of the effective date. The APR is subject to increase after closing. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which would increase your monthly payment and APR. Other ARM products may be available..
10 to 1 **Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on credit score of 750 or higher. All payments quoted with beginning balance of $100,000.10 to 1 Adjustable Caps 5% after initial 10 years, then 2%-5%. Current margin 2.50% and current index 0.10%. ***The second payment stream will be based on fully indexed rate or the floor rate if the floor rate is greater than the fully indexed rate. Escrow is required for Loan to Value (LTV) over 80%. Monthly payments are disclosed per $100,000 with a 30 year term and LTV of 80% or less. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. APR is accurate as of the effective date. The APR is subject to increase after closing. An LTV greater than 80% requires Private Mortgage Insurance (PMI) which would increase your monthly payment and APR. Other ARM products may be available.
Home Equity Line of Credit
| Product | Interest Rate | Points | APR* |
|---|---|---|---|
| Home Equity Line of Credit | 7.75% | 0 | 7.75% |
DISCLOSURES
Interest Rates are subject to change without notice.
*Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on a credit score of 720 or higher. The APR is a variable rate based on the Prime Rate as published in The Wall Street Journal on the first business day of the month. Maximum APR is 18%. Other rates and terms available on creditworthiness. Maximum loan amount of $250,000; maximum loan term is 180 months. 1-4 family, owner-occupied, primary residence properties only; no closing costs. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. Your tax advisor should be consulted as any interest expense incurred may be tax deductible. Properties with a loan-to-value (LTV) of 80% or less only. APR will not fall below 3.25%. No annual fee. Additional fees may apply if held in trust or with power of attorney.
Centennial Home Equity Line of Credit Special
| Product | Interest Rate | Points | APR* |
|---|---|---|---|
| Centennial Home Equity Line of Credit Special | 7.75% | 0 | 7.75% |
DISCLOSURES
Interest Rates are subject to change without notice.
*Annual Percentage Rate (APR) subject to change without notice. Advertised APR based on a credit score of 720 or higher. The APR is a variable rate based on the Prime Rate minus -1.00% as published in The Wall Street Journal on the first business day of the month. The rate will not go below the 3.25% floor rate. Maximum APR is 18%. Other rates and terms are available on creditworthiness. The maximum term of the loan is 300 months. 120 months interest only, and 180 months are principal and interest. Owner occupied 1-4 family, primary residence properties only. PCU to pay closing costs on most loans except for loan amounts exceeding $250,000. Property insurance (and flood insurance if applicable) required. Your tax advisor should be consulted as any interest expense incurred may be tax deductible. Properties with a loan-to-value (LTV) of 80% or less only. No annual fee. Additional fees may apply if held in trust or with power of attorney. Investment properties and Second Homes do not qualify for this product. Loans exceeding $250,000 costs would be paid for by the borrower the range of fees $125.00 – $1000.
Home Equity Loan
Fixed Rate, First Position
| Product | Interest Rate | Points | APR* | Monthly Payment Per $1,000 Borrowed |
|---|---|---|---|---|
| *10 Years | 5.00% | 0 | 5.00% | $10.61 |
| **10 Years | 5.25% | 0 | 5.25% | $10.73 |
DISCLOSURES
Interest Rates are subject to change without notice.
*Annual Percentage Rate (APR) is subject to change without notice. Advertised APR based on a credit score of 720 or higher with a maximum Loan-To-Value (LTV) of 70% and first lien position. Other rates and terms available based on creditworthiness. Account subject to individual approval. 1-4 Family Owner-Occupied, Condominium or Second Home (which is not a rental property) only. Property insurance (and flood insurance if applicable) is required. All loans over $250,000 will require a full appraisal and attorney closing. Additional fees will apply if held in trust or with power of attorney. Monthly payments do not include insurance and taxes. The monthly payment for loans with a maximum LTV of 70% is $10.61 per thousand borrowed for 120 months. The monthly payment advertised is for a 120-month term. Other conditions may apply. Please consult a tax advisor regarding the deductibility of interest. See branch for full details.
**Annual Percentage Rate (APR) is subject to change without notice. APR will be based on a credit score of 719 with a maximum Loan-To-Value (LTV) of 80% and a first lien position. Other rates and terms available based on creditworthiness. Account subject to individual approval. 1-4 Family Owner-Occupied, Condominium or Second Home (which is not a rental property) only. Property insurance (and flood insurance if applicable) is required. All loans over $250,000 will require a full appraisal and attorney closing. Additional fees will apply if held in trust or with power of attorney. Payments do not include taxes or insurance and actual payment may be greater. The monthly payment for loans with a maximum LTV of 80% is $10.73 per $1,000 borrowed for 120 months. The monthly payment advertised is for 120-month term. Other conditions may apply. Please consult a tax advisor regarding the deductibility of interest. See branch for full details.
Home Equity Loan
Fixed Rate, Second Position
| Product | Interest Rate | Points | APR* | Monthly Payment Per $1,000 Borrowed |
|---|---|---|---|---|
| Up to 8 Years | 5.375% | 0 | 5.375% | $12.84 |
| 10 years | 5.375% | 0 | 5.375% | $10.55 |
| 15 Years | 5.75% | 0 | 5.75% | $8.10 |
| 20 Years | 6.375% | 0 | 6.375% | $7.38 |
DISCLOSURES
Interest Rates are subject to change without notice.
*Annual Percentage Rate (APR) subject to change without notice. Rate offered with maximum Loan-To-Value (LTV) of 80%.
Advertised APR based on a credit score of 720 or higher with a maximum Loan-To-Value (LTV) of 80% and second lien position. Other rates and terms available based on creditworthiness. Account subject to individual approval. 1-4 Family Owner-Occupied, Condominium or Second Home (which is not a rental property) only. Payments do not include taxes or insurance and actual payment may be greater. Property insurance (and flood insurance if applicable) required. All loans over $250,000 will require a full appraisal and attorney closing. Monthly payments do not include insurance and taxes. Other conditions may apply. Please consult a tax advisor regarding the deductibility of interest. Additional fees may apply if held in trust or with power of attorney.
Related Products
Frequently Asked Questions
What can we help you with today?
Typically, the Mortgage process takes from 45 to 60 days for purchase and refinance loans. The closing date on a purchase transaction is dictated by the purchase and sale agreement.
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.
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.
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.
Financial
Calculators
Our convenient financial calculators can help you make more informed decisions.
How much mortgage might I qualify for?
This calculator will help answer how much mortgage you might qualify for based on your total monthly gross income and expenses.
This calculator will tell you if the amount you save in interest will exceed these refinancing costs.
How much will my fixed rate mortgage payment be?
This calculator computes the payments (principal and interest) for a fixed rate loan.
This calculator computes the most expensive house you can buy based on the highest payment you can afford, but does not indicate whether you would qualify for the loan.
Which mortgage is better for me?
This calculator will help you compare the total cost of any two or three mortgages.
How much will I save by increasing my mortgage payment?
Find out how much interest you can save by paying an additional amount with your mortgage payment.