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Mortgage Loans

Purchasing, building or refinancing? Find the best loan program for you.

Purchasing a new home is one of the most important financial decisions you will ever make. Wouldn’t you want to work with a bank you can trust? Let Peoples Trust & Savings Bank finance the home of your dreams.

Following are some frequently asked questions regarding mortgage loans. If you have additional questions, feel free to contact one of our Loan Officers at 812-897-0230 or 812-842-BANK.

What kind of Mortgage best suits my needs?

Conventional Fixed Rate Mortgage

Peoples Trust & Savings Bank can finance a fixed rate mortgage. The interest rate will never change and your monthly principal and interest payment will stay the same throughout the term of the loan. If you plan to stay in your home for a long time, are on a fixed income, or just prefer the convenience of a fixed payment amount, a fixed rate mortgage may just be your best bet.

Adjustable Rate Mortgage

If your job moves you around a lot, or if you plan on staying in your home for only 5-10 years, an adjustable rate mortgage (ARM) may be perfect for you. ARMs generally offer better rates than fixed rate mortgages, so your payment may be a little lower. ARMs also have limited annual adjustments so you don’t have to worry about big fluctuations in your monthly payment. Call us today, to see if an ARM is right for you.


If you prefer the security of a fixed rate mortgage, but would like to have the flexibility of an ARM a balloon may be the hybrid that your have been looking for. Balloons generally have lower rates than fixed rate mortgages. If you plan to stay in your home for less than 10 years, but still want your payment to be fixed, a balloon may be your choice.

How much do I need for a down payment?

Your down payment will depend largely on the type of mortgage that you choose. We offer mortgage loans for as little as 10% down. Keep in mind; however, that the bigger your down payment the smaller your mortgage, so it’s to your advantage to have as large a down payment as possible.

How can I get started?

If you’re thinking of buying, building, or refinancing a home, it’s time to talk to a loan officer at Peoples Trust & Savings Bank. We will help you find the best mortgage product for your specific situation. Contact us today at 812-897-0230 or 812-842-BANK.