Loan Options
Mortgage
A mortgage is a big step. No matter what step you are on, we have answers.
- Rate Reduction Mortgages
- 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 Advisor Team
Still have questions? Schedule a free consultation with one of our Mortgage Advisors.
Whether you are buying or refinancing, our Mortgage Advisors are available to assist you in finding the program that’s right for you. Check the background of your professional Mortgage Advisors by visiting NMLS® Consumer Access.
Still Undecided? Start Here.
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.
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.
Rates
Active as of 12.07.2024
Rate Reduction Mortgage
| Product | Interest Rate | Points | APR* | Apply |
|---|---|---|---|---|
| 30-Year Fixed Rate | 6.625% | 0 | 6.71% | Apply Now |
DISCLOSURES
30-year Fixed Rate Reduction Mortgage. Borrower may reduce the rate twice over the life of the loan via phone call or branch visit. Each reduction may lower the rate to the then current People’s Credit Union 30-year Fixed Rate Mortgage rate with no points, subject to a maximum decrease of .75% per change; up to 1.5% over the life of the loan. First rate reduction can be made as early as 12 months after loan origination; second request must be at least 12 months after the first reduction. No fees for exercising rate reduction feature; this feature is different from paying points to reduce the interest rate at loan origination. Rate as of 9/19/24 and subject to change without notice. Loan subject to individual approval. 1-4 family, owner-occupied, primary and secondary residence properties only; condos ok. Conditions and/or restrictions may apply. Rate does not consider possible adjustments based on applicant credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use and loan purpose. Property insurance and flood insurance (if applicable) required. Mortgage insurance required if loan-to-value exceeds 80%. Repayment example: 30 Year Fixed Rate Mortgage at 6.625% (6.71% APR): 360 monthly payments of $6.40 per $1,000 borrowed. Payments do not include amounts for taxes and insurance premiums; if applicable, and that the actual payment obligation will be greater.
30 Year Fixed Rate Mortgage at 6.625% (6.71% APR): 360 monthly payments of $6.40 per $1,000 borrowed
Fixed Rate Mortgage
| Product | Interest Rate | Points | APR* | Apply |
|---|---|---|---|---|
| 15 Year Fixed Rate | 6.125% | 0 | 6.26% | Apply Now |
| 20 Year Fixed Rate | 6.50% | 0 | 6.61% | Apply Now |
| 30 Year Fixed Rate | 6.625% | 0 | 6.71% | Apply Now |
DISCLOSURES
*Annual Percentage Rates (APR) are lowest available and subject to change without notice. Account subject to individual approval. Conditions and/or restrictions may apply. Rates do not take into consideration possible adjustments based on applicant’s credit score, loan-to-value, combined loan-to-value, subordinate financing, occupancy, appraised value, down payment, property type, property use and loan purpose. Property insurance (and flood insurance if applicable) required. Payment amounts shown do not include taxes and insurance premiums which will result in a higher actual monthly payment. Mortgage insurance required if loan to value exceeds 80%.
- 15 Year Fixed Rate Mortgage at 6.125% (6.26% APR): 180 monthly payments of $8.51 per $1,000 borrowed
- 20 Year Fixed Rate Mortgage at 6.50% (6.61% APR): 240 monthly payments of $7.46 per $1,000 borrowed
- 30 Year Fixed Rate Mortgage at 6.625% (6.71% APR): 360 monthly payments of $6.40 per $1,000 borrowed
Adjustable Rate Mortgage
DISCLOSURES
*Annual Percentage Rates (APR) are lowest available and subject to change without notice. Rate may increase after closing. Account subject to individual approval. Conditions and/or restrictions may apply. Rates do not take into consideration possible adjustments based on applicant’s credit score, loan-to-value, combined loan-to-value, occupancy, appraised value, down payment, property type, property use and loan purpose. Property insurance (and flood insurance if applicable) required. Payment amounts shown do not include taxes and insurance premiums which will result in a higher actual monthly payment. Mortgage insurance required if loan to value exceeds 80%.
- 10/1 Adjustable Rate Mortgage at 6.375% (6.63% APR): 360 monthly payments of $6.24 per $1,000 borrowed
- 7/1 Adjustable Rate Mortgage at 6.25% (6.63% APR): 360 monthly payments of $6.16 per $1,000 borrowed
- 5/1 Adjustable Rate Mortgage at 6.00% (6.56% APR): 360 monthly payments of $6.00 per $1,000 borrowed
Active as of 12.07.2024
First Time Home Buyer Mortgage
| Product | Interest Rate | Points | APR* |
|---|---|---|---|
| Year 1* | 5.875% | 0 | 6.71% |
| Year 2* | 6.125% | 0 | 6.71% |
| Year 3* | 6.375% | 0 | 6.71% |
| Year 4-30* | 6.625% | 0 | 6.71% |
DISCLOSURES
*Annual Percentage Rates (APR) are lowest available and subject to change without notice.” Rate for years 4 – 30 is the “Base Rate”. Rate for year 1 is Base Rate minus 0.75%; year 2 is Base Rate minus 0.50%; year 3 is Base Rate minus 0.25%. Account subject to individual approval. Conditions and/or restrictions may apply. Rates do not take into consideration possible adjustments based on applicant’s credit score, loan-to-value, combined loan-to-value, occupancy, appraised value, down payment, property type, property use and loan purpose. Payment amounts shown do not include taxes and insurance premiums which will result in a higher actual monthly payment. Property insurance (and flood insurance if applicable) required. Mortgage insurance required if loan to value exceeds 80%. All borrowers must be a first time home buyer.
- First Time Home Buyer Mortgage, year 1 at 5.875% (6.71% APR): 12 monthly payments of $5.92 per $1,000 borrowed
- First Time Home Buyer Mortgage, year 2 at 6.125% (6.71% APR): 12 monthly payments of $6.08 per $1,000 borrowed
- First Time Home Buyer Mortgage, year 3 at 6.375% (6.71% APR): 12 monthly payments of $6.24 per $1,000 borrowed
- First Time Home Buyer Mortgage, years 4-30 at 6.625% (6.71% APR): 324 monthly payments of $6.40 per $1,000 borrowed
Construction and Land Loans
| Product | Interest Rate | POINTS | APR* |
|---|---|---|---|
| Construction to Permanent Fixed Rate | 6.625% | .50 | 6.69% |
| Land Loan | Rates quoted individually - Call for rate |
DISCLOSURES
*Rate is lowest available and subject to change without notice. Account subject to individual approval. Conditions and/or restrictions may apply. Rates do not take into consideration possible adjustments based on applicant’s credit score, loan-to-value, combined loan-to-value, occupancy, appraised value, down payment, property type, property use and loan purpose. Property insurance (and flood insurance if applicable) required. Construction Loan term is 31 years fixed rate – 12 months interest-only followed by 30 years principal and interest. Land Loan maximum term is 180 months.
Land Loan – Maximum LTV 70%. 15 Year Term. Borrower must provide proof that residential construction will be allowed.
Construction Loan at 6.625% (6.69% APR): 360 monthly payments of $5.52 per $1,000 borrowed
| 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.
Fixed Rate Home Equity Loan
First and Second Position
| Product | Interest Rate | Points | APR* | Apply Now |
|---|---|---|---|---|
| 10 Years | ||||
| Primary Residence | 6.375% | 0 | 6.375% | Apply Now |
| Second Home | 6.875% | 0 | 6.875% | Apply Now |
| Investment Property | 7.375% | 0 | 7.375% | Apply Now |
| 15 Years | ||||
| Primary Residence | 6.49% | 0 | 6.49% | Apply Now |
| Second Home | 6.99% | 0 | 6.99% | Apply Now |
| Investment Property | 7.49% | 0 | 7.49% | Apply Now |
| 20 Years | ||||
| Primary Residence | 6.99% | 0 | 6.99% | Apply Now |
| Second Home | 7.49% | 0 | 7.49% | Apply Now |
| Investment Property | 7.99% | 0 | 7.99% | Apply Now |
DISCLOSURES
*Annual Percentage Rates (APR) are the lowest available and subject to change without notice. First or second lien position. Maximum loan-to-value of 80% for owner-occupied first and second homes and 70% for investment properties. Interest rate will be determined by individual creditworthiness and property type. Property insurance (and flood insurance if applicable) required. Account subject to individual approval. 1-4 family properties only. Minimum credit score for all investment property borrowers is 700. Borrower to pay all appraisal fees and closing costs for investment property loans, and owner-occupied property loans over $250,000. Other conditions may apply. Repayment examples: owner-occupied primary residence loan at 6.99% APR, 240 monthly payments of $7.75 per $1,000 borrowed; owner-occupied second home loan at 7.49% APR, 240 monthly payments of $8.05 per $1,000 borrowed; investment property loan at 7.99% APR, 240 monthly payments of $8.36 per $1,000 borrowed.
Centennial Home Equity Line of Credit
First and Second Position
DISCLOSURES
*Annual Percentage Rates (APR) are lowest available and subject to change without notice. First or second lien position. Maximum loan-to-value of 80% for owner-occupied first and second homes, and 70% for investment properties. Variable rate based on Wall Street Journal Prime Rate (Prime) + a margin determined by individual creditworthiness and property type. 10 year draw period, interest-only payments; then 15 years principal and interest payments. Property insurance (and flood insurance if applicable) required. Account subject to individual approval. 1-4 family properties only. Minimum credit score for all investment property borrowers is 700. Borrower to pay all appraisal fees and closing costs for investment property loans, and owner-occupied property loans over $250,000. APR will not exceed 18% in RI, MA or CT and will not fall below 4.00%. No annual fee. Other conditions may apply.
