Peoples First Community Bank

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Peoples First Community Bank
14075 Emerald Coast Pkwy
Destin, FL 32541
(850) 654-3339

For your home borrowing needs, think Peoples First...first!

At Peoples First, we make loans with interest rates that are Adjustable or Fixed.

The Fixed-Rate Mortgage
The Fixed-Rate Mortgage is one on which the entire principal balance is repaid at a fixed rate and over a fixed period of time. Your payments remain the same throughout the life of the loan, usually either (15) fifteen or (30) thirty-years.

The Adjustable Mortgage Loan
The Adjustable Mortgage Loan (AML) is one in which the interest rate, payment and maturity are set at the time the loan is made. However, rates and payments can change over the life of your AML at pre-determined adjustment periods. This type of loan assures borrowers of an interest rate that fairly reflects existing economic conditions.

Normally, these periods are set on either a one, three, five, seven or ten year schedule. Depending upon which you choose, the frequency at which your rate may adjust is based accordingly. With the AML, if interest rates go up, your payments will increase. If the rate goes down, your payments will go down.

Peoples First protects its AML customers by controlling the amount the rate can change. This is usually limited to a maximum of 2% on any adjustment date, and a limit of 6% over the life of the loan. This way, you'll always know the maximum amount your house payment could change.

Construction Loans
If you're interested in building your own home, or if you'd like to improve your existing home, a Construction/Perm Loan from Peoples First may be just right for you. This program saves you money by combining both the construction loan and the permanent loan into one loan.

During the construction phase, you will only pay interest on the amounts that are periodically disbursed to your builder for work that has been completed. This interest will be billed monthly. The interest rate that is charged during the construction phase will be fixed at the time of the closing.

Once construction has been completed, the loan will automatically roll to a permanent loan under whatever program you may choose. It could be a fixed rate or and adjustable rate loan, just take your pick.

Click on the link below to apply online or call us at 1-800-624-9699 and we'll put you in touch with your local Loan Counselor.

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