We keep our mortgage products simple and provide you with an easy process. People’s fixed-rate mortgages are available with terms of 10 years, 15 years, 20 years or 30 years, and you can borrow up to 80% of the current value of your home, or even more with one of our Home Equity Loan options. Your mortgage rate is fixed so you know your monthly payment never changes.
We don’t sell our loans to other lenders and we handle everything locally through the life of your mortgage. At People’s, everyone gets the same great mortgage deal, with affordable payments. You pay no points and minimum fees: typically less than $1,200 in closing costs.
Whether you’re moving into your second home, or buying your very first, People’s Community Credit Union is here for you! We offer the same mortgage rates for all of our members, and that is very different from other lenders. Mortgage and approval rates can vary significantly across lenders, so we’ve put together a helpful guide on how mortgages typically work, and how mortgages work with us!
What is a Home Mortgage Loan?
A mortgage loan is a specific loan for a home, given to you by a credit union, bank or mortgage company. Pretty straightforward, right? Here is the basic process of obtaining a mortgage loan and buying a house:
- Look at your credit history and finances. Lenders look closely at your credit history when you apply. Ask yourself: “How much house can I afford?” Take into account your current debt, your current savings, your income, and any closing costs for a house.
- Get pre-approved for a mortgage. Now that you have a solid understanding of your finances, you’re ready to talk to your credit union! Take a look at several rates for mortgages, as they can vary widely. Keep in mind that People’s can offer you rates that a big bank can’t.
- Begin looking at houses! Now that you have a solid idea of what kind of loan you can get, and for how much, you can feel free to shop around for your dream home.
- You’re ready to start the process. You’ve taken a look at all your options. You know what kind of rate you want, what kind of mortgage term you want, and you know how much loan you can afford. Let’s go.
- Submit your application. You’re ready! You’ve gathered all the information your People’s loan officer requested, you know the term you want and now you’re ready to complete and submit your application!
- The underwriting process begins. This is when we look at your credit history, your income-to-debt ratio, and other factors that will determine if you’re approved.
- During this time, it’s best to keep your finances as stable as possible. Don’t switch jobs, don’t make a large purchase, and keep your credit cards under control.
- You’ll also schedule a home appraisal, so the lender can determine whether or not the loan size and terms are acceptable.
- If you were approved, and the underwriting was successful–it’s time to close on your brand new house!
Ready to speak about Home Loans?
Questions about your account or our services? Our Member Services team is standing by.
How can we help you today?
*During normal business hours. After hours submissions will be returned the next business day.
Should I Apply for a Fixed-Rate or Adjustable Rate Mortgage?
Fixed-rate is generally the preferred method of taking out a home loan. Adjustable rates are home loan rates that vary over time. Adjustable rates tend to be unstable and can be affected by factors out of your control.
People’s Community Federal Credit Union offers fixed-rate mortgages in varying term lengths, rather than adjustable rates. Fixed-rate mortgages are stable and long-term, because you always know what your monthly payment will be.
Choose People’s Community Federal Credit Union for Your Mortgage
When you apply for a mortgage with People’s, you’ll get the same rate as everyone else. Your credit does determine approval, but we’re typically more flexible than bigger banks. While we can’t approve mortgages if you have particularly poor credit, we can work with you to figure out a home mortgage loan solution, now or in the future, that works for you and your budget. At People’s Community, you’re a person–not a number!
The Perks of Banking with People’s
Bank Anywhere!
Manage your account on your terms! People’s offers convenient service that let you bank anywhere.
- Sign up for eStatements and receive your account statements by email.
- Online Banking – fast, easy, secure access to your account from anywhere.
- Mobile Banking – manage your money directly and make mobile check deposits from your phone using our app or text banking.
- Credit Card Online Access – 24/7 ability to make credit card payments and find other information on your card
Overdraft Protection
People’s provides the tools you need to access your accounts and avoid embarrassing and costly overdraft situations.
- Overdraft Protection – avoid overdrawing your account with our safety-net overdraft protection.
- Automatic transfers from savings.
- Automatic transfers from your personal line of credit, once approved.
- Courtesy Pay – unanticipated expenses can inadvertently leave you with too little cash in your checking account. Avoid the embarrassment and merchant fees with People’s Courtesy Pay service. Learn more.
CardLock Theft Protection
Take control of your cards on the go with People’s CardLock. If you’ve misplaced your People’s debit card or credit card, or you’re noticing suspicious activity in your account, you can take action immediately before your identity or finances are compromised.
People’s CardLock is a free smartphone app designed to help protect your debit and credit cards, with custom alerts and blocking features. Learn more.
- Alerts: The CardLock app will alert you every time a transaction is declined, online activity is reported, and for specific types of purchases.
- Controls: People’s CardLock also includes controls to block specific types of transactions. This can be helpful in impulse buying, fraud prevention, and more.
- Turn Cards On/Off: CardLock gives People’s members the ability to turn their debit and credit cards on and off at any given time without needing to contact the financial institution. When the account is locked, new charges and cash advances will be denied.
In-Branch Banking Services
In addition to applying for loans, opening deposit accounts, and traditional teller transaction, you can find these convenient in-branch member services.
- Notary Services – we offer notary services to all members in all of our branches. Make sure to bring a photo ID!
- Safe Deposit Boxes – keep your valuables secure in our safe deposit boxes, available at our Hazel Dell and Battle Ground branches. We’ll automatically deduct the fee from your savings account.
- Night Deposit Boxes – located at our Hazel Dell, Battle Ground and Fisher’s Landing branches, for when you need to drop off a deposit or payment after hours.
- Cashier’s Checks – members may obtain one Cashier’s Check for free each day. Additional checks cost $5.00. Not available to non-members.
- Wire Transfers – a safe and convenient way to transfer funds electronically, People’s offers both incoming and outgoing wire transfer services for domestic and international transactions.