Winter is Coming: Preparing for Your Home Purchase with Peoples Bank

Home Blog Winter is Coming: Preparing for Your Home Purchase with Peoples Bank

Posted On: November 18, 2024 by Peoples Bank of Kankakee County in: Home Mortgages

As the crisp air and cozy evenings of winter approach, many potential homebuyers start to wonder if this is the right time to make a move. While summer may be the traditional home-buying season, winter offers unique advantages that can make it an ideal time to purchase your dream home. At Peoples Bank, we're here to help you navigate the winter real estate market with confidence. Here’s how to make the most of this season and how our mortgage services can support you through the process.

Why Winter Could Be a Great Time to Buy

Motivated Sellers

As the year winds down, many sellers are eager to close deals before the holidays or the new year. This motivation can lead to better negotiating opportunities, allowing you to secure a home at a favorable price.

Less Competition

With the holiday season and winter weather, fewer buyers are in the market. This means less competition, which can translate into a smoother buying experience without the stress of bidding wars. You might even find that homes are staying on the market longer, giving you time to make an informed decision.

Potential for Better Prices

During winter, many sellers may be willing to negotiate on price, especially if they are motivated to sell quickly. With fewer buyers around, you could snag a great deal on your new home.

How Peoples Bank Can Help You This Winter

Mortgage Pre-Approval

Before you start house hunting, getting pre-approved for a mortgage is a smart first step. It not only shows sellers that you are a serious buyer but also helps you understand your budget. At Peoples Bank, we offer a straightforward pre-approval process, making it easy for you to know how much home you can afford.

Diverse Mortgage Options

Whether you’re looking for a fixed-rate mortgage for stability or an adjustable-rate mortgage for potential savings, Peoples Bank has a variety of mortgage products to suit your needs. Our knowledgeable loan officers can help you find the right fit for your financial situation, ensuring you get the best deal.

Winter Home Inspection

Winter can be a challenging time for home inspections, but it’s essential to ensure the property is in good shape. Make sure to consider potential issues like heating systems, insulation, and snow accumulation on roofs. You may wish to connect with a local inspector who understands the specific challenges of winter home buying.

Closing Costs and Financial Planning

Don't forget to budget for closing costs. At Peoples Bank, we can guide you through estimating these costs and help you create a financial plan that accommodates your home purchase.

Getting Started

Ready to embrace winter as the perfect time to buy a home? At Peoples Bank, we’re committed to helping you achieve your homeownership goals, no matter the season. With our personalized mortgage solutions and dedicated support, you’ll be well on your way to finding your dream home.

The Bottom Line

Winter may not be the conventional choice for home buying, but it offers unique opportunities that can work in your favor. With motivated sellers, less competition, and the chance for better prices, you could find the perfect home for your family.

If you’re ready to take the plunge, start your mortgage application with Peoples Bank today and let us help you make your winter home-buying dreams a reality!

For more information about our mortgage services, visit our website or contact a loan officer today. Happy house hunting!

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.