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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?

Five Convenient Branches: Hazel Dell | Battle Ground | Fisher’s Landing | Vancouver Waterfront | Ridgefield

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.

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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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A fixed-rate mortgage is a type of home loan where the interest rate stays the same for the entire life of the loan.

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Getting pre-qualified is fairly simple. You’ll answer a few questions about your earning, assets, etc. But there is no commitment. The pre-approval process on the other hand is much more comprehensive. The lender will verify your income, pull your credit report, and more.

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It may be a good idea to refinance your home if interest rates have dropped, if your property value has increased, or if your credit score has improved. 

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The process of buying a home can feel overwhelming and confusing, especially if you haven’t done it before. That’s why we’ve put together our top tips for first-time home buyers to make the process go as smoothly as possible.

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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, and Skamania counties, you’re eligible to join. Please visit one of our five convenient locations to apply.

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.

Five Locations in Vancouver WA

Hazel Dell
7403 NE Hazel Dell Ave
Vancouver, WA 98665

Battle Ground
121 NW 20th Ave
Battle Ground WA 98604

Vancouver Waterfront
701 W Columbia Way
Vancouver WA 98660

109 S. 65th Ave, Suite 102
Ridgefield, WA 98642

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

Home Loans in Vancouver WA

5 Local Branches Serving Greater Vancouver WA:

Vancouver Waterfront | Fishers Landing | Hazel Dell | Battle Ground | Ridgefield | Salmon Creek | Orchards | Minnehaha | Walnut Grove | Hockinson | Baker | Sara | Felida | Cascade Park East