Guardian Savings Bank Mortgage Review: Overview, Facts, Features, Plans, Pros and Cons

Guardian Savings Bank, founded in 1895 and now has ten locations in Ohio and Kentucky, is one of the best-performing banks in the Cincinnati Tri-State area. Guardian Savings Bank takes pride in its capacity to provide individualized service to its clients. Despite serving a tiny geographic area, this bank has over $3 billion in mortgage-related assets, which is a significant amount for a company of its size. This financial organization offers several services, including checking and savings accounts and mortgage products, which is its primary line of business. Guardian Savings Bank also offers government-assisted loans, such as VA and FHA loans, in addition to fixed and adjustable-rate mortgages. History of Guardian Savings Bank Guardian Savings Bank was established in Cincinnati in 1895. The bank grew from one location to ten locations across Ohio and Kentucky during its first few years of operation. It has a wide range of low-cost, flexible lending options to suit a wide range of budgets, term lengths, and preferences. When Guardian Savings Bank and another Cincinnati-based bank were accused of rejecting mortgages to predominantly African-American communities a few years ago, it sparked a significant issue. Aside from this significant problem, the bank is not BBB accredited and has received seven complaints in the last three years. Guardian Savings Bank Mortgages From conventional loans to less traditional solutions, Guardian Savings Bank offers a wide range of house mortgages. The following are the many mortgage options available from Guardian Savings Bank: Fixed-Rate Loans Fixed-rate mortgages have interest rates that remain constant over the loan term. Fixed-rate loans are suitable for homeowners who intend to stay in their house for a long time. Take out a fixed-rate mortgage if you have a stable financial situation and prefer predictable rates, especially if interest rates are low at the time of purchase. Guardian Savings Bank Adjustable-Rate Loans Many lenders give their consumers interest rate limitations to keep their monthly payments from skyrocketing. The adjustable-rate mortgages offered by Guardian Savings Bank are loans with low introductory interest rates for a set period of time. Monthly rates will climb and fall after this period to suit market trends. Guardian Savings Bank recommends these sorts of home loans to buyers who want to sell or refinance their homes within the next five years. Guardian Savings Bank Balloon Loans Because balloon loans do not fully amortize during their periods, they require a "balloon" payment to pay off the leftover sum at the end of the term. Individuals having the financial means to borrow for a short period of time may find these to be attractive possibilities, as these mortgages often have lower interest rates than longer-term loans. Guardian Savings Bank Jumbo Loans This bank offers jumbo loans to homebuyers who want to borrow more than the legal restrictions set by Freddie Mac and Fannie Mae. Any loan that exceeds $484,350 is currently classified as jumbo or non-conforming. Homebuyers who are okay paying higher monthly fees to cover high-value houses may benefit from jumbo mortgages. Guardian Savings Bank FHA Loans The Federal Housing Administration offers these types of loans to people who are unable to put down a 20% down payment on a property. FHA loans are not available to everyone; they must meet specific requirements, including household income. Guardian Savings Bank VA Loans VA loans are available to current or former members of the United States Armed Forces and their spouses. The flexible term requirements and low expenses connected with these mortgages can benefit eligible persons. Borrowers can place a tiny down payment on their homes with this sort of financing. Guardian Savings Bank Interest Only Loans Interest-only mortgages are available from Guardian Savings Bank, with no principal charges. These home loans are especially advantageous for first-time homeowners unfamiliar with mortgage payments (and instead became accustomed to lower-cost rental fees). Borrowers who take out interest-only loans can make smaller payments during the first few years of the loan. Guardian Savings Bank Bond Loans Local and state governments make these loans to offset the cost of homeownership for people who do not fulfill specific income requirements. They do so by providing financial aid or lowering higher rate costs. Guardian Savings Bank recommends these loans for poor and middle-income families who may not qualify for FHA loans. Guardian Savings Bank Construction/Permanent Loans Buyers who know their home will require extensive construction and renovation work can borrow from Guardian Savings Bank to construct permanent home loans. Borrowers can use this sort of loan to fund the construction of a home, and once the project is completed, they can convert their construction loans into permanent mortgages. Guardian Savings Bank also offers construction-only house loans, which allow buyers who do not require a permanent mortgage to fund the development of their home. Guardian Savings Bank Blanket Loans These types of house loans are available from Guardian Savings Bank for real estate investors who own multiple properties. Blanket loans eliminate the need for these individuals to manage several mortgages by allowing them to make payments to a single bank with a single set of terms. Guardian Savings Bank Mortgage Customer Service Borrowers can contact loan officers at Guardian Savings Bank by filling out a brief online form. They must enter their full name, address, phone number, email address, and the financial service product they require (such as home purchase, refinance, or lower loan interest rate). Following the submission of this information, a loan officer will contact you to begin the mortgage selection process. During the underwriting process, borrowers will be required to provide additional information to Guardian Savings Bank. Individual approval statuses and monthly payments with this financial organization may require the following information:

Employee W2 forms over the past two years
Two recent pay stubs
Two recent bank statements
Copy of current mortgage note if applicable
Awards letters for pension income or social security
Homeowner's insurance declaration page
Purchase contract and realtors' contact information (for purchases only)

The resources available to potential borrowers at Guardian Savings Bank are limited. It provides an online mortgage calculator, for example, that may be used to estimate the estimated monthly expenses associated with various types of home loans based on the amount borrowed, interest rate, and term length. Borrowers at Guardian Savings Bank can also make their mortgage payments online. Guardian Savings Bank Ratings and Complaints Guardian Savings Bank was established in 1895 as a regional bank serving the Cincinnati area. Since then, the bank has grown its customer base to include residents of Kentucky. The bank has a 2 out of 5-star rating based on five customer reviews. Although it has an A+ rating, the Better Business Bureau has not yet recognized this organization, although it has an A+ rating. There have been four complaints in the last year, compared to seven in the previous three years. According to Cincinnati.com, a news agency operated by the USA Today network, Guardian Savings bank settled a lawsuit alleging discrimination against black areas in Cincinnati from 2010 to 2014. It was accused of committing the following violations of the Fair Housing and Equal Credit Opportunity Acts:

Keeping branch locations away from black communities
Loan officers are being trained to focus mainly on white communities
Failure to advertise mortgage products to black communities

Between 2010 and 2014, only 2.6 percent of Guardian Savings Bank mortgage applications came from black Cincinnati communities, according to one source. Similar banks received 5.7 percent of applications, which is much lower. Officials believe the bank did nothing at the time to rectify the situation. Guardian agreed to open new locations in predominantly African-American regions as part of the settlement. Guardian Savings Bank Mortgage Qualifications When it comes to qualifying people for house loans, lenders typically look at credit scores more than any other factor. Borrowers with a credit score of at least 760 usually get the best mortgage rates. Those with credit ratings above 700, on the other hand, should have no trouble getting a home loan. Traditional mortgages from Guardian Savings Bank may be challenging to get for borrowers with credit scores below 620 or no credit score.