Peoples State Bank Mortgage Rates, Fees and Home Loan Programs

Peoples State Bank offers competitive mortgage rates to help homeowners achieve their goals.

Their rates vary depending on the loan type, with a 30-year fixed mortgage rate starting at 3.75%.

The bank also offers a 15-year fixed mortgage rate starting at 3.25%.

Their mortgage rates are subject to change, so it's best to check their website or contact a loan officer for the most up-to-date information.

Peoples State Bank has a variety of mortgage fees, including origination fees, appraisal fees, and title insurance fees.

Origination fees can range from 0.5% to 1% of the loan amount.

Appraisal fees typically cost between $300 and $1,000, depending on the complexity of the appraisal.

Title insurance fees can range from $1,500 to $3,000, depending on the type of property and location.

The bank offers various home loan programs, including conventional loans, FHA loans, and VA loans.

Conventional loans require a down payment of at least 5% of the purchase price.

FHA loans have more lenient credit score requirements and lower down payment options, starting at 3.5%.

VA loans are available to eligible veterans and offer zero down payment options.

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When choosing a mortgage option, you have several paths to consider. A conventional home loan offers a low, fixed rate with the same mortgage payment every month, providing financial stability and larger savings over the term of the loan.

Qualifying individuals can enjoy the many financial benefits that come with a conventional home loan, making it a popular choice for homeowners.

At Peoples State Bank, home refinancing is a great way to lower your rate or lock in your rate for set monthly payments.

You can refinance your current home loan with Peoples State Bank to achieve your personal and financial goals, whether it's for home improvements or consolidation.

Our lenders are here to help you with flexible options, such as fixed rate loans that give you a set monthly payment, or in-house loans that offer flexibility when needed.

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Home refinancing can be used to lower your rate, allowing you to save money on your monthly payments.

One of the key benefits of home refinancing is that it can help you lock in your rate for set monthly payments, providing stability and predictability in your finances.

If you're considering home improvements, refinancing can help you achieve your personal and financial goals by providing options for consolidation or accessing funds for renovations.

By working with our lenders, you can discuss options that fit your needs and create a plan to achieve your goals.

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At Peoples State Bank, we understand that every individual has unique needs when it comes to mortgage loans. We offer several loan programs to fit a variety of needs, from conventional fixed rate mortgages to in-house non-conforming adjustable rate mortgages.

Our conventional fixed rate mortgage loan program allows for loan amounts up to $647,200 with a minimum down payment of 5%. This program features 10 to 30 year amortizations and is a great option for those looking for a stable monthly payment.

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A construction loan is available for those building their dream home, with a minimum down payment of 20% required. This program features 9 months of interest only payments, providing flexibility during the construction process.

First-time homebuyers can take advantage of our fixed rate mortgage loan program with a 30 year amortization and a minimum down payment of 3%. This program is specifically designed for primary residences and is a great option for those just starting out.

For loan amounts above $647,200, our Jumbo loan program offers a fixed rate for the first 5 years, amortized over 30 years. This program requires a minimum down payment of 5% and is ideal for those looking to purchase a luxury home.

Investors can also take advantage of our fixed rate mortgage program for investment properties, with a 10 to 30 year amortization and a minimum down payment of 15%. This program is a great option for those looking to diversify their investment portfolio.

For those looking to purchase raw or improved land, our in-house land loan program offers an adjustable rate mortgage with a 15 year amortization. A minimum down payment of 35% is required for raw land and 25% for improved land.

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Peoples State Bank lends most frequently to those with incomes in the $75k-100k range, with 74 originations.

Applicants in this income range also have the highest total value of loans, coming in at $9,000,000.

The average loan amount for applicants in this range is $121,622, which is significantly higher than other income brackets.

Applicants in the $50k-75k income range have the second most originations, with 66 loans.

Their average loan amount is $120,152, which is only slightly lower than the $75k-100k range.

The average fees for applicants in this range are $1,418, which is relatively consistent across income brackets.

Applicants in the $50k or less income range have the lowest average loan amount, coming in at $76,429.

Their average fees are $1,421, which is slightly higher than other income brackets.

Here's a breakdown of the average loan amounts and fees by income range:

At Peoples State Bank, you'll find a range of loan options to suit your needs, including Fixed Rate Loans and Adjustable Rate Loans.

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Their Home Buyer Assistance program offers down payments as low as 10% with Quick Approval and Low Closing Costs.

Decisions are made right here in your hometown, making the process more convenient and personalized.

Here's a breakdown of the average fees and closing costs associated with Peoples State Bank's mortgages:

Home refinancing is a great option for those looking to lower their rate or lock in their rate for set monthly payments. Our lenders can help you achieve your personal and financial goals.

We offer programs that can be used to refinance your current home loan, whether it's a fixed rate or an in-house loan that offers flexibility when needed. Our lenders are here to help.

By refinancing, you can lower your rate or consolidate debt, making it easier to manage your finances. This can be especially helpful for those who are considering home improvements.

Our lenders are here to discuss options and help you achieve your goals, whether it's to lower your rate or to lock in your rate for set monthly payments.

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Our Rates are designed to make homeownership more accessible. We offer a range of loan options, including Fixed Rate Loans and Adjustable Rate Loans.

We also provide Home Buyer Assistance (HBA) with down payment as low as 10%. This can be a huge help for first-time homebuyers or those with limited savings.

One of the benefits of working with Peoples State Bank is our Quick Approval process. This means you can get a decision on your loan faster, so you can move forward with your homebuying plans.

Low Closing Costs are another advantage of working with us. This can save you money and make the homebuying process less stressful.

Decisions are made right here in your hometown, so you can work with local experts who understand your community and its needs.

Our most frequently originated rate bucket for loans was 6-7%, with 196 originations in 2023.

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Peoples State Bank's average 30-year fixed mortgage rate was 6.68%, which is 0.2% higher than the 2023 average rate across all markets and lenders, which was 6.48%.

For more insights, see: What Are Typical Mortgage Interest Rates

The difference of 0.2% may not seem significant, but it can add up over the life of a loan.

In fact, Peoples State Bank's average interest rate for loans was 6.68% in 2023.

Here's a breakdown of loan rates and originations at Peoples State Bank in 2023:

The most frequently originated rate bucket for loans at Peoples State Bank in 2023 was 6-7%, with 196 originations.

Let's take a look at the relative fees you'll encounter when getting a mortgage. Peoples State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,145.

The average total origination fees for 30 year fixed rate mortgages across all lenders were significantly higher, coming in at $9,089. This highlights the importance of shopping around for the best deal on your mortgage.

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Pre-approval from Peoples State Bank gives you an estimate of the loan amount, interest rate, and monthly payment you qualify for based on your credit score and financial situation.

This initial step in the homebuying process shows sellers you're serious about purchasing their property, making your offer stand out in a competitive housing market.

A mortgage pre-approval is a crucial step in the homebuying process, and Peoples State Bank can guide you through it to ensure a smooth transaction.

A mortgage pre-approval is the initial step in the homebuying process for serious homebuyers. It provides an estimate of the loan amount, interest rate, and monthly payment you qualify for based on a review of your credit score and overall financial situation.

Pre-approval can help your offer stand apart from the competition in a competitive housing market.

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For many people, the most important loan reason is a home purchase. In 2023, Peoples State Bank saw 265 originations for this purpose, with a total value of $72,525,000. This is a significant amount of money, with an average loan of $273,679.

The second most popular reason for a loan was refinancing, also known as a Refi. This type of loan accounted for 67 originations, with a total value of $26,955,000. The average loan for refinancing was $402,313.

Other loan reasons, such as Cash Out Refi and Home Improvement, also had a significant number of originations. However, these were fewer than Home Purchase and Refi.

Here is a breakdown of the top loan reasons for 2023, based on the number of originations:

At Peoples State Bank, you can get a 30 Year Fixed Rate Mortgage with a current rate of 6.875% and an APR of 6.966%.

The bank's current posted rates are in effect as of February 21st, 2025, at 8:30 AM Eastern Time.

Rates are subject to change without notice, so it's essential to check the current rates before making a decision.

A 30 Year Fixed Rate Mortgage at the current published rate will result in 360 monthly payments of $6.53 per $1,000 borrowed.

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The same mortgage type also comes with zero points, which means you won't have to pay any additional fees upfront.

Here's a comparison of the 30 Year Fixed and 15 Year Fixed Mortgage rates:

To get more information about these rates and products, you can call the bank directly at 812-323-3221.