My Wife loves her Banana Peppers, and uses the exact same recipe, I started off of her, and make my Cowboy Candy which is my use of Jalapeno's. Don't worry they come out quite sweet, and tasty, but I've never hit hot notes, but I always cut mine in half, and use a spoon to scrape out the spine, and seeds, then chop the peppers, onions, and other peppers to small pieces.

Before peppers my Wife used this recipe to put up strawberries from our patch. We have a raised garden 4' x 12' x 10" deep, and have a good growth of annual and ever bearing strawberries in it, and get close to a bumper crop from it every year. It allows her about 60 to 80 1/2 quart jars per season, which is enough to gift friends, and us to enjoy a constant spread for morning toast, and all manner of treats. I'm Diabetic, so we switch Sugar for Splenda, and it has never caused a burp in taste, or the amount of sweetness. Needless to say our "garage fridge" is pretty full of peppers, and Jam, but we like it that way. 

You can leave these unopened for 1 year, so you can jump season to season, HOWEVER if you open one, you only have 3 to 4 weeks to make it go away, or some food borne illnesses may come to see you. The advantage to sealed lids, and boiling is a longer life, and here they can be on a shelf, so it frees up your fridge. Plus if you open them you have 3 to 4 months to eat them. 

Knowing how you want to use the product may help in choosing to hot water heat, and jar, or sealed lids, and hard boil, and which would work best for you. There is just reams of info online for either method, and quite a few sites showing both methods, and the differences with plenty more info than this simple explanation than I have made here.