Mortgages

The Peoples Bank Mortgage Solutions

The Peoples Bank has many flexible mortgage programs to help make owning a home a reality, whether through the purchase or the construction of a principal residence or vacation home. Our Mortgage Solutions program is not just for homebuyers. We have loan programs that give the homeowner the opportunity to unlock the potential of the equity in their home to lower monthly payments through refinancing or bill consolidation. You can even get cash out to make that home improvement you have been always dreaming about.

Our mortgage loan programs have many different loan options available. We have the flexibility to evaluate what is the best loan product for your individual scenario. We use two sources for our mortgage lending program. The first source is our in-house loan products that provide flexibility and competitive loan terms for borrowers in our local market. These loans are approved and serviced by The Peoples Bank. The second source utilizes the secondary mortgage market that has creative loan products that help borrowers that have certain needs with their loan requests. The bank uses a strategic partner to offer these types of products through the secondary mortgage market. These loans are approved by the partner and not serviced by The Peoples Bank. The ability to have options in all lending scenarios helps our customers achieve their financial goals. Our mortgage solutions are listed below.

First-Time Home Buyer Mortgage

The bank has a mortgage solution that will help you purchase a home with a low-down payment. We have different First Time Home Buyer Programs to help you reach your goals. Our Conventional, VA, and FHA loan programs are different options we have available to help you become a homeowner. We also have options that allow lower fixed rates and terms for low to moderate-income borrowers. Please contact us for more information on these products.

Fixed-Rate Mortgage

Traditional fixed-rate mortgage options can help you to purchase a primary residence or vacation home with a low-down payment, refinance for a lower fixed rate, or get cash for other lending needs such as bill consolidation. This product gives you the ability to choose what loan term is best for your situation. A longer loan term allows for a low monthly payment whereas a shorter-term loan saves on finance charges. Please contact us for more information.

Construction Mortgage

We have a convenient mortgage solution that will help you build a home that is a primary residence or vacation home. Our construction mortgages are an in-house (Portfolio) mortgage product that has two phases. The construction phase is used to build the home through construction draws from your loan and you are only required to pay monthly interest-only payments on your loan balance. The permanent phase goes into effect when your home is complete, and your loan will automatically convert to a traditional fixed-rate mortgage that has both principal and interest payments. There is only one loan settlement and the interest rate will be locked in for both phases. Please find more about our portfolio mortgage product below.

VA Mortgage

This mortgage solution helps our active military and veterans to become homeowners. These products have competitive terms and rates, lower than a traditional mortgage. Our VA Mortgage solution allows for low down payment options for home purchases and high loan-to-values for refinances. This product also allows for refinances for lower rates and cash out for other needs such as bill consolidation or home improvement. Please contact us for more information.

Lot Loan Mortgage

Purchase and secure your lot before construction with our Lot Loan solution. We offer flexible and competitive loan terms to allow you the time necessary to plan and build your dream home at a pace that works for you. The Bank also offers construction/permanent loans that can help refinance the lot loan and enable the financing to build the new home. Please contact us for more information.

Portfolio Mortgage

A portfolio mortgage is a loan that will be provided and serviced by The Peoples Bank. This product allows for more flexibility due to the bank’s ability to use its own local underwriting guidelines compared to the national guidelines of the secondary mortgage market. We take a rational approach to lending while giving you the personalized customer service that you deserve through our community bank.

Consumer Mortgage

Comparison table of Consumer Mortgage
Program	Rate	Annual Percentage Rate*	Monthly Principal and Interest Payment
30 Year Fixed	8.00%	8.02%	$1765.08
20 Year Fixed	7.80%	7.83%	$1981.99
15 Year Fixed	7.25%	7.28%	$2195.42

* The Annual Percentage Rates and monthly payments disclosed above are based on a Purchase Price of $300,000 with a 20% down payment for a purchase transaction or an appraised value of $300,000 in which the bank would use 80% loan to value for a rate/term refinance transaction. The loan amount used in these scenarios would be $240,000. Your actual APR may differ. Closing costs for listed loan terms and programs typically range from $5,500 to $8,000. The payments disclosed do not include amounts for taxes and insurance premiums. The total actual payment obligation with escrow will be higher. The applicable loan terms and customary fees for a typical loan were used to calculate Annual Percentage Rates and payments. Rates may change at any time. Homeowner Insurance is required. Flood Insurance may be required. Mortgages are subject to credit and property approval. The loan rates listed above are for principal residence properties. Other terms and conditions may apply. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes, and the consumer should consult a tax adviser for further information regarding the deductibility of interest and charges.

The bank has other options such as First Time Home Buyer Loans, FHA loans, Vacation Home Loans, Jumbo Loans and VA loans. Please call for details.

Loan calculator

Meet your lenders

L. Susan Barnhardt Vice President,
Loan Officer NMLS #: 446532 Email L. Susan

Sheila Bolton — Sheila M. Bolton Vice President,
Branch Administrator,
Branch Manager (Chestertown,
Spring Ave.) NMLS #: 446534 Email Sheila

David Bowman — David A. Bowman Senior Vice President,
Chief Lending Officer NMLS #: 1132599 Email David

Eva Hickman — Eva W. Hickman Asst. Vice President,
Branch Manager (Millington) NMLS #: 446537 Email Eva

Desiree McCracken Vice President,
Loan Officer NMLS #: 1070644 Email Desiree

Mary Chandler Obrecht Senior Vice President,
Chief Credit Officer NMLS #: 2045085 Email Mary Chandler

Cecil Reihl — Cecil A. Reihl Vice President,
Loan Officer NMLS #: 446538 Email Cecil

Michael Sprouse — Michael J. Sprouse Senior Vice President,
Chief Retail Banking Officer NMLS #: 729792 Email Michael

Kim Swyka Vice President,
Loan Officer NMLS #: 615426 Email Kim

Carolyn Walls — Carolyn L. Walls Asst. Vice President,
Branch Manager (Sudlersville) NMLS #: 446539 Email Carolyn

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