Mortgages, HELOCs and other financing

We want to not only give you great rates when you borrow money, but also want you to know that we will be here for you, for the life of your loan.

It is important to have the option to stop in and talk directly to a loan officer. If you would rather email or call, we do that too. We do not sell your loan. We do not sell the servicing on your loan. You will never have to call a toll-free number and get lost in a phone chain to find an answer.

We have been serving our community in Crawford county for over 130 years.

Here are some of our services we are happy to provide to our customers.

Home Purchase, Refinance, or Lot Loans

When you are looking to purchase or refinance a new home PSALC offers

Some of the lowest closing rates in the area.
Home purchases as low as 3% down for qualified customers.
Preapprovals are available to help you feel confident in purchasing that new home.
Competitive interest rates.

Construction Loans

Construction Permanent loans are loans that allow you to pay interest only during the construction phase and then the loan automatically transition into your full monthly payment after construction is finished. This loan also offers

Some of the lowest closing rates in the area.
Competitive interest rates.

Fixed Rate Loans

The main advantage of having a fixed rate loan is that your payments won’t change due to the interest rates changing.

Adjustable Rate Loans

This type of loan may be a good idea if you are going to only have the property for a short time. It may also reduce or increase your payments depending what the interest rate is in the index.

Home Equity Loan

Do you need a ‘Home Equity Loan’ for a needed repair or expense? With this type of loan you can use the equity you’ve built up in your home to pay for unexpected repairs or expenses.

HELOC

This is a ‘Home Equity Line of Credit’. This allows you to take money out and then as you pay it back you can take more money out. It is like a credit card that uses the equity in your house to borrow money. This can be a great way to pay for expenses or remodeling costs.

Portfolio Loans

These are loans held in house by the bank for the life of the loan. In the current environment of banking this is rare to find. We want to let you know that all of our loans are portfolio or in-house loans. We do not sell the loan or the servicing of your loan. You will always be able to stop in, call, or email us with any questions.

Bridge Loans

This is a Home Loan that allows you to use the equity in your existing home to purchase your new home.

Electronic Documents
If you would like to receive Mortgage documents electronically and have spoken to a loan officer, click here to request electronic documents.

Feel free to use the mortgage calculator

We’re here to help answer your questions. Feel free to call us @ 419.562.6896, drop by, or just fill out this form and we will get back to you soon. We are happy to help you no matter how you wish to communicate.

Please keep in mind if you wish to get our current rates or have any other questions on our mortgages, please feel free to contact us.

This calculator is for estimates only and does not reflect your exact situation. This can only be done by one of our loan officers.

Mortgage Calculator Help

You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

Or if you know the price of the real estate and the loan amout and enter "0" for the down payment percentage, the calculator will calculate the down payment amount and percentage.

Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender "points" up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

The term (duration) of the loan is expressed as a number of months.

60 months = 5 years
120 months = 10 years
180 months = 15 years
240 months = 20 years
360 months = 30 years

Need more options including the ability to solve for other unknowns, change payment / compounding frequency and the ability to print an amortization schedule? Please visit, https://AccurateCalculators.com/mortgage-calculator

Peoples Savings & Loan Company Since 1888