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Home Loans

Are you ready to purchase a home, but not quite sure where to start?

At People’s we get a lot of questions from members looking for financial guidance. We’ve compiled the most common questions about home loans and refinancing for your reference.

If you need help navigating these big decisions, click the button below to speak to our member services representatives.

Buying a New Home or Refinancing?

Navigating the home buying and refinancing processes can be tricky. We’re here to help!

Your home is one of your biggest investments, so it’s important to fully understand all of your options. There are a lot of steps to buying a new home or refinancing your home, and you may be nervous about what feels like a daunting process. We’ve created a guide below to help clarify the whole process and outline all of the options that may be available to you at every step of your home buying journey.

Whether you are buying a new home, refinancing your current mortgage, or planning home improvements, People’s has you covered.

Browse our FAQs below to get answers to our most commonly asked questions!

Buying a New Home

Depending on the type of loan, you typically cannot roll closing costs into your mortgage. However, there are ways to reduce your up-front cost when purchasing a house, like reducing your downpayment.

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Loan-to-Value Ratio, or LTV Ratio, measures the difference between the value of a home verses the amount of the loan. A lower downpayment typically results in a higher LTV ratio.

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Mortgage Insurance is typically required when the Loan-to-Value Ratio (LTV Ratio) is higher than 80%, meaning you owe more than 80% of the value of the home.

An adjustable rate mortgage (ARM) is a mortgage loan with an interest rate that varies based on an economic index–which is typically the fed funds rate, the one-year Treasury bill, or the Libor rate.

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Current Homeowners

A home equity line of credit (HELOC) uses the equity in your home as collateral to open a second mortgage. This is a line of credit which works like a credit card, and is different from a home equity loan.

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If you are unable to afford your mortgage payments and wish to avoid foreclosure, there may be other options for you to explore.

  • Refinance for Lower Payments
  • Sell Your Home
  • Loan Modification
  • Assistance Programs

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Mortgage Calculators

Our financial experts have compiled tools to help you calculate everything you need related to buying and refinancing a home.

Apply for a Home Loan

We have a home loan to fit your needs. If you live, work, or worship in Clark, Cowlitz, Skamania counties, you’re eligible to join.

Apply for a Loan See Our Current Rates

At People’s, All Members Get the Same Rate

People’s provides members with access to affordable credit through low-rate loans. What sets our credit union apart is that all members pay the same rate, no matter their credit score or amount in their account. We are here to help you with your financial needs.

Four Locations in Vancouver WA

Hazel Dell
7403 NE Hazel Dell Ave
Vancouver, WA 98665

Battle Ground
121 NW 20th Ave
Battle Ground WA 98604

Downtown Vancouver
904 Daniels Street
Vancouver WA 98660

Fisher’s Landing
16211 SE 12th Street
Vancouver WA 98683