Below are some of the most common questions we receive from clients about our Chapter 13 Mortgage Division. If your question isn’t answered here, don’t hesitate to contact us or call us today at (843) 606-6058.
Why is Peoples Bank able to help when I have been turned down by other lenders?
Different banks have different regulations for their lending criteria. At Peoples Bank, we have developed a division specifically for clients who have filed Chapter 13 Bankruptcy. We have created products and options customized to fit the needs of our clients. Our team is willing and able to put in the time and effort that most institutions are not willing to devote.
How long should I expect my loan to take to close?
Every loan Peoples Bank closes in the Chapter 13 Division is dependent on each client’s unique circumstances. We are familiar with the common title and credit issues for Chapter 13 Bankruptcy borrowers and are experts at clearing those up. Our experience helping hundreds of clients and our use of the latest technology ensures that the loan experience is as efficient as possible.
What kind of rate should I expect after a Chapter 13 Bankruptcy?
Many clients who are currently completing or are coming out of a Chapter 13 Bankruptcy plan have been stuck with high rates for years during their Chapter 13 Bankruptcy plan. This means that many of our clients have above market interest rates or could own a home for the same monthly payment as they are paying to rent. We have helped hundreds of clients in these situations realize significant monthly savings and put them in a better financial situation. Interest rates are determined by the market and a borrower’s unique qualifying criteria. Our clients are often pleasantly surprised when they are presented with the rate for which they qualify. Peoples Bank takes pride in offering highly competitive rates to all its clientele.
What makes Peoples Bank Mortgage different from other banks and mortgage companies?
While larger lenders may treat clients like a number, the Peoples Bank Mortgage team strives to earn the trust of lifelong clients by connecting with them and taking the time to map out a strong strategy to help accomplish our clients’ goals. How? We listen first, then we act. Our clients know they can count on us to provide care and diligence to help them at all stages of their life and customize a plan that meets their needs. That is what makes us the option for those looking for Home Loans after Chapter 13.
What happens if I don’t quite qualify for your Chapter 13 mortgage program?
Mortgage after Chapter 13 discharge is an obtainable goal and Peoples Bank is dedicated to helping our client’s purchase or refinance. If we can’t help a client immediately, we provide a path to success by working tirelessly with our borrowers to address the areas that are holding them back so they can reach their home ownership and mortgage goals.
What kind of loans do you offer?
We offer a wide variety of loan programs specifically tailored to Chapter 13 borrowers in all kinds of financial situations: conventional mortgages, VA home loans, FHA loans, USDA loans, portfolio loans, jumbo loans, and more! Learn more about our loan programs to find the right one for you and your family.
What information should I have prepared for my initial consultation?
The initial consultation with your Mortgage Consultant will be a conversation about your goals and what you are looking to accomplish by obtaining a loan with Peoples Bank. If you have pay stubs, W2s, tax returns, and a mortgage statement handy, your Mortgage Consultant may ask to reference one or all of them. If you do not have any documentation ready at the time of your consultation, do not worry. You will have plenty of time to discuss documentation during the loan process.
I am considering moving to a different state. Are there any states that you do not offer mortgages for?
As a Member FDIC bank, Peoples Bank is able to offer mortgages to all 50 states.
Is there a loan program that does not require a down payment?
Peoples Bank offers multiple programs that do no not require a down payment when purchasing a home. Your Mortgage Consultant will go over these options with you and determine if you qualify for one of the programs.
What are the closing costs for loans?
Closing costs are determined by a number of factors, including your attorney’s fees. Your Mortgage Consultant will go over closings costs with you and break them down piece by piece during your consultation. Peoples Bank guarantees that all clients are educated throughout the loan process and aware of all costs.
Do you offer in-person consultations?
Yes! We look forward to meeting with customers at either our Mississippi office or South Carolina office. If you are unable to meet in person, it is not a problem. We have helped hundreds of customers refinance or purchase a new home by working with them over the phone, through our Peoples Bank secure server, email, and snail mail. Distance will not hinder your loan process in any way.
Over the internet? Is that safe and secure?
Peoples Bank employs the latest technology to maximize efficiency during the loan process. Our team communicates regularly with clients regarding the status of their loans. Peoples Bank’s experience working with borrowers all over the country has helped us to create a process that is efficient and customer oriented. We are able to send documents electronically for signature, or we can send a notary to your home if you would prefer. We make sure to educate our clients each step of the way so that the loan process and all loan terms are fully understood.
Does Peoples Bank offer loans for mobile homes?
Currently, we do not have any loan programs available for mobile homes. We are searching for appropriate investors to help make these loans.
Will Peoples Bank service my loan?
At this time, Peoples Bank does not service loans. Your Mortgage Consultant will be able to provide you with additional information about servicing during your consultation. Peoples Bank is proud to work with all of our servicers. We carefully select each servicer and our clients have reported high satisfaction.