Affordable Mortgage Loans for All

Fixed-rate mortgage loans will not receive a monthly mortgage statement. These accounts will receive a coupon book for monthly payment approximately 4 weeks after loan closing. If your loan is a fixed rate and you would prefer statements, you can enroll electronically to receive them and replace future coupon book receipt. See our enrollment guide here. You must have an Online Banking account established and can enroll utilizing the enclosed guide.

Adjustable-rate mortgage loans will receive statements after the 20th of each month.

Construction loans and Home Equity loans will receive statements after the 1st of each month due to draw capabilities through the end of the prior month.

All adjustable-rate mortgage loans can enroll for electronic statements if desired. Please note enrollment is not retroactive and will only allow future statements to be sent electronically.

Guardian offers several options for making payments on your mortgage loan. You may choose any option that is convenient for you!

• To enroll in automatic payments, please contact us at 513-842-0972 or via e-mail at [email protected] to obtain the necessary forms. Additionally, you may click here to download the “Authorization for Automatic Payments” form and e-mail it to us for processing. Please note – if your loan payment is due within the next seven (7) business days, an automatic payment will be setup for the following month. You will be required to make your current payment due.
• Click here to use our bill pay option or, if a current Guardian customer, through your online banking portal.
• Make a payment at one of our branch locations. Click here to find the nearest Guardian Savings Bank branch.
• You may also opt to mail a check or money order to:

Guardian Savings Bank
2774 Blue Rock Rd
Cincinnati, OH 45239
Attn: Loan Servicing

Absolutely!

Click here to login to your online banking account and make your mortgage payment.

Additionally, to enroll in automatic payments, please contact us at 513-842-0972 or via e-mail at [email protected] to obtain the necessary forms. Also, you may click here to download the “Authorization for Automatic Payments” form to e-mail us.

Please note – if your loan payment is due within the next seven (7) business days, an automatic payment will be setup for the following month. You will be required to make your current payment due.

In most cases, no. Your automatic payment through Guardian will adjust accordingly with the change in your payment. The reason it may need to be updated is if your setup is static – meaning always pay the same amount and do not adjust when your payment changes.

• If you setup your automatic payment through the Pay Mortgage portal on our website, you may need to adjust if you set the payment to be static each month and your new payment is more than this static amount. You must login and adjust this payment personally. Guardian cannot adjust this payment for you.
• If your automatic payment enrollment with Guardian was also static, then it may need adjustment if the new payment exceeds the current static amount. If so, a new automatic payment form will be necessary to adjust.

Instructions on how to make a one-time mortgage payment or enroll to make recurring payments may be found here.

Please note – the Pay Mortgage portal does not provide your current balance, how your mortgage payment was applied or any additional information about your mortgage loan. If you would like to view this information, please enroll for Online Banking. A guide may be found here.

Yes. If you setup automatic payments through your bank or through our bill payer system on GuardianSavingsBank.com, you will need to cancel them personally. However, if you requested Guardian to draft from your bank, you may cancel by calling us at (513) 842-0972, e-mailing us at [email protected] or by clicking here to download the “Cancellation of Automatic Payments” form, filling it out and returning to our e-mail address. We are unable to cancel any auto payment requests within 3 business days of drafting as the process has already begun. We will cancel for the following payment.

A rate change notice is sent only when the interest rate or monthly payment is changing. If the annual review of your adjustable-rate mortgage resulted in no change to your interest rate, a rate change notice is not generated or mailed. Your loan continues under the same interest rate and payment terms until the next scheduled review or until a future adjustment results in a change.

For certain adjustable-rate mortgages, federal servicing regulations require a notice to be sent to borrowers approximately 210 to 240 days before the first payment at a new interest rate is due. This letter is intended to provide advance notice that the initial fixed-rate period is ending and that future payments may change based on the terms of the loan. The rate provided is simply an estimate and is required to be disclosed based on current rates at the time of letter generation. It is not your annual rate change notice.

As your annual rate change date approaches, if your adjustable rate is changing, you will receive a separate letter from Guardian indicating such. If there is no change to your current rate, no letter will be sent, and your loan will continue based on the existing rate.

Questions regarding your rate change can be directed to our loan servicing department at 513-842-0972 or via e-mail at [email protected].

Payoff information can be obtained by contacting us at 513-842-0972 or via e-mail at [email protected] to request an official payoff statement for your account. Official statements are assessed a $20 processing fee per request. You may also visit one of our local branches to begin this process if more convenient. While your loan balance is available to you online at GuardianSavingsBank.com, there are additional fees and interest calculated for your payoff. We highly recommend reaching out to us for correct quotes to avoid potential additional funds if calculated personally.

Payoffs should not be made through online bill payment or automatic payments unless specifically directed by our servicing representatives. Please mail all payoffs to:

Guardian Savings Bank
2774 Blue Rock Rd
Cincinnati, OH 45239
Attn: Loan Servicing – Payoff

This is a fee to record a satisfaction of mortgage, or a document that states you have paid your loan in full with Guardian Savings Bank. While this fee is charged on all payoff quotes assessed, it is not a fee that Guardian collects and retains. Rather, Guardian collects this fee to pay your county clerk or recorder’s office to record the document(s) necessary to satisfy your loan. A copy of this document can be obtained from your local county jurisdiction approximately 90 days after loan payoff.

Once your loan has been paid in full and closed, our system will update overnight and generate a “paid in full” letter that will be sent to your address of record within 5-7 business days.

Please ensure prior to payoff we have the most current mailing address on your account.

If we do not, please click here to download our “Contact Information Update” form, complete that form and return it to us at [email protected] for processing.

Additionally, Guardian will then file the necessary documentation with your local county recorder or clerk’s office to remove our lien(s) from your property. Timeframes vary and will generally be completed within 90 days of loan payoff. Copies of this documentation are available from your local county recording office.

Yes. If your loan is paid in full and your account or escrow indicates a balance, we will send you a refund check by mail within 30 days after the payoff date. Please allow appropriate time for mailing before inquiring about your overage.

The due date for your mortgage payment will always be the first of every month with a 15-day grace period. While this date cannot be altered, you are able to change the date your payment is drafted if your payment is setup on automatic payments. Please contact us at 513-842-0972 or via e-mail at [email protected] to request any draft date changes.

You may also click here to download our “Authorization for Automatic Payments” form and e-mail a completed and signed form to [email protected] for processing.

Please note – if your loan payment is due within the next seven (7) business days, an automatic payment will be setup for the following month. You will be required to make your current payment due.

Yes! Regular loan payments are applied to your account in this order: interest due first, then principal, then escrow (if applicable), then fees. If you want to make an extra payment to your loan principal or have additional funds applied to your principal, you will need to specify that with your payment. You are also able to pay your regular contractual payment ahead by one month (i.e. paying both July and August payment for a due date of September 1). Any additional payments beyond one month will be applied to your loan’s principal balance until no longer pre-paid for one month.

All payments to your account are effective on the business date we receive them. Payments received after business hours, federal holidays or weekends are effective the next business day.

Guardian does not accept partial payments on your account. If you are experiencing a hardship on your account preventing you from making your monthly payments, please contact us at (513) 741-6257 for assistance.

Principal reductions are processed by our servicing team. You may mail a check to them at:

Guardian Savings Bank
2774 Blue Rock Rd
Cincinnati, OH 45239
Attn: Loan Servicing – Principal Reduction

Please include with your check distinct instructions to apply only to the principal balance of your loan. Alternatively, you may take your check to your nearest Guardian Savings Bank location to have processed.

Click here to find the nearest Guardian Savings Bank branch.

If you would like to make a principal payment to your account in excess of $10,000 and recast your loan to reduce overall principal and interest payments, please contact us at (513) 842-0972 or via e-mail at [email protected]. Alternatively, you may click here to download our “Recast Request Form”, complete it and e-mail it to us at the address above to start the process.

We generally suggest having an escrow account on your mortgage because it combines all mortgage related expenses into one trackable payment each month. However, some homeowners will be required to maintain an escrow account for a number of reasons. Some common reasons include:

• The amount of equity in your property.
• Your property is in a High-Risk flood area and the loan was originated after 1/1/16.
• Your loan had a hardship modification.
• You have an FHA or Rural Housing Loan.

Please click here to scroll down to our Mortgage Escrow FAQ to answer any further questions you may have about escrow.

Please send us any copies of insurance to [email protected]. Prior to sending us copies, please ensure that Guardian is listed as mortgagee of your policy to avoid follow-up requests. Guardian should be listed as follows:

GUARDIAN SAVINGS BANK, ISAOA
2774 BLUE ROCK RD
CINCINNATI, OH 45239

Loan officers make an effort to reach out to customers periodically, often on the anniversary of their home purchase. Customers are encouraged to contact their loan officers via phone, text, or email throughout and after the loan process if they have questions or receive confusing correspondence. Officers can help clarify documents or letters the customers receive and, when applicable, act on their behalf—such as communicating with an escrow department—to resolve issues more efficiently than using standard 800 numbers.

You should not spend more than 25% of your gross monthly income on a mortgage payment. This percentage is based on your total monthly income before taxes. For example, if you are earning $10,000 per month, your monthly mortgage payment should not exceed $2,500.

Yes, lenders evaluate potential borrowers by looking at their debt-to-income ratio. This ratio compares the amount of money spent monthly on debts to the amount of income coming in. Student loans are factored into this ratio in the same manner as a car loan or another mortgage.

There are many people involved in the process. 

The buying agent: The customer’s realtor who assists the buyer. 

The listing agent: The realtor representing the seller who sold the home. 

The title/escrow professionals: These individuals act as a neutral third party to ensure all legal requirements are met for the transaction, confirming that the sellers are authorized to sell, the buyers are authorized to purchase, and the property is legally eligible to be sold.

The appraisers: These professionals conduct “comps” (comparables) by evaluating the house against nearby properties to ensure the home is appropriately valued and sold for a reasonable price.

The inspectors: These individuals perform a visible inspection of the house. Inspections are not mandatory and, if a buyer chooses to have one performed, the cost is the buyer’s responsibility rather than a bank-required expense.

While people often wonder whether a great interest rate or lower closing costs are more important, the two factors are closely linked. There are different ways to structure a loan based on these variables, and it is possible to achieve both a great rate and great closing costs. Alternatively, one can opt for a lower interest rate accompanied by higher closing costs. A third option is to accept a higher interest rate in exchange for lower closing costs. It is essential for borrowers to evaluate both the interest rate and the closing costs together when making a decision.

This is an upfront payment made by a buyer to demonstrate to the seller that they are serious and genuinely interested in proceeding with the purchase of the home. This money is ultimately credited toward the buyer’s total closing costs when the loan closes. For example, if a buyer has a total of $25,000 in costs to close, and they have already paid $5,000 in earnest money, they would only need to pay the remaining $20,000 at the end.

Seller concessions are credits provided by the seller to the buyer. These concessions may be negotiated for various reasons, such as when a borrower requires additional funds or when repairs are needed on the property.

Once a deposit is made, a realtor will deliver it to a title company. The title company holds these funds until the loan is prepared for closing. When the transaction closes, the deposit is credited toward the buyer’s total out-of-pocket expenses. If a buyer does not proceed with the home purchase—for example, due to a failed inspection or the inability to secure financing—it may be possible to recover the earnest money deposit. Buyers should consult with their realtor regarding the status and recovery of their deposit.

Principal and Interest: This is the primary portion of the mortgage payment.

Homeowners Insurance: This is included in the monthly payment.

Private Mortgage Insurance (PMI): This is required if a down payment of less than 20% is made.

Property Taxes: These are also included in the monthly payment.

HOA Dues: If purchasing a condo, homeowners may be responsible for HOA dues. These are not typically escrowed into the monthly mortgage payment, so borrowers should plan for them separately.

Homeowners Association (HOA) Dues: It is critical to investigate the specific HOA fees associated with a property. These dues can vary significantly, ranging anywhere from $100 to $500 per month.

Impact on Debt-to-Income Ratio: Because these costs are recurring, they must be factored into your debt-to-income ratio.

Monthly Budgeting: HOA dues can make your total monthly housing payment substantially more expensive.

Comparison to Single-Family Homes: When deciding between a condo and a single-family home, always verify the HOA dues to ensure they align with your financial goals.

In current competitive markets, submitting a non-contingent offer—buying a new home without first selling an existing one—is nearly essential. The primary difficulties in making such an offer involve securing a down payment and managing the debt of two properties simultaneously along with other existing debts. Financial products, such as blanket loans, are available to help buyers navigate these challenges. Buyers are encouraged to seek professional advice to explore various alternatives for purchasing a new home without the prior sale of their current residence.

A blanket loan is a financial strategy that allows a homeowner to purchase a new property before selling their current one by eliminating the sale contingency. In a competitive market characterized by high buyer demand and limited inventory, removing this contingency significantly improves the chances of having an offer accepted. The process and benefits of a blanket loan include following:

• Utilization of Equity: To qualify for a blanket loan, the borrower must have a substantial amount of equity in their current home.
• Leveraging Assets: This existing equity is used to purchase a second property, often requiring little to no down payment.
• Loan Consolidation: The lender pays off the original mortgage on the first property and rolls it into a single, larger mortgage that covers both properties.
• Competitive Advantage: Because the loan-to-value ratio is favorable, these loans are viewed positively on pre-qualified letters, making the buyer’s offer more attractive to sellers.

Pros:

• Higher Acceptance Rate: Buyers have a significantly better chance of getting their offer accepted by a seller.
• Wider Selection: It allows buyers to pursue the house they truly want.
• Market Advantage: Waiting to sell first limits a buyer’s options to only what is available in the “pool” at that specific moment.
• Perceived Strength: To a seller, a non-contingent offer looks much stronger because it signals the buyer is prepared and the deal does not depend on another sale.

Cons:

• You may have two properties and or two loans to contend with if your current home does not sell before closing on the new home.
• You may not qualify for a new loan if the current loan is not paid off.

There are three methods for purchasing a new home without needing a home sale contingency:

• • Blanket Loan: This strategy involves combining the equity from your current house to assist in the purchase of a second home.
• Low Down Payment Option: This requires qualifying for two concurrent mortgages, meaning you must be able to carry both payments simultaneously. A recast feature is available, allowing you to roll the equity from the first house into the second for a fee once the first house is sold. This effectively adjusts the loan as if you had provided a larger down payment at the start.

Closing costs and mortgage rates can vary between lenders, and it is important to understand how they interact. Consider the following when evaluating loan options:

• Compare both costs and rates: It is essential to look at both the interest rate and the associated closing costs together.
• Beware of hidden trade-offs: Some lenders may advertise very low interest rates, but then offset them by charging thousands of dollars in high closing costs.
• Perform a direct comparison: When shopping for a loan, always compare both the interest rates and the closing costs across different lenders to determine the best overall value.

Many customers experience having their mortgage sold to a different lender immediately after purchasing or refinancing a home, often before their first payment is even due. Guardian Savings Bank distinguishes itself by holding the loans we originate. Because we retain the servicing of these loans, the client is never subjected to having their loan sold to another servicer. This approach offers the primary benefit of consistency, as the client can continue to contact the same individual for any questions regarding their mortgage.

A blanket loan is a financial product that allows a borrower to combine multiple properties into a single loan.

Benefits for Homeowners:

• Convenience when selling a home by removing the need for a contingent offer.
• Homeowners can move at their own pace, as they only have to move once.

Benefits for Investors:

• Investors with multiple rental properties can combine them into one loan.
• This structure makes it easier to take out additional cash to renovate existing properties or purchase new ones.

These loans enable individuals to continue living in their current home while simultaneously building a new home.

The mortgage industry has experienced significant shifts over the past decades, particularly following the events of 2008. There has been a significant increase in the requirements for credit scores. Lending standards have also become more stringent, focusing more heavily on a borrower’s creditworthiness. These changes have fundamentally altered the lending process for both the industry and potential buyers.

Buying a home is one of the most significant decisions a person will make in their lifetime. We understand the client’s needs and figure out what a client truly wants when looking for a property. This allows for better advice to be given to help the client reach the next step in the home-buying process.

The home buying process is designed to be simple and is broken into the following steps:

Initial Consultation and Pre-Qualification: The process begins by meeting to review personal finances, including a credit report and income. This step determines the appropriate budget for a home. Guardian Savings Bank provides a pre-qualification and a list of necessary documents to gather. Having documentation ready helps ensure the loan process is faster and smoother.

Offer and Loan Processing: Once pre-qualification, an offer is placed on a home, and the required documentation is submitted. The process includes setting up insurance and conducting an appraisal on the property. If everything aligns correctly, the loan is closed within 30 days.

We want to establish a deeper connection with clients so they feel comfortable reaching out with inquiries beyond the scope of their mortgage. By providing guidance on topics outside the standard lending process, we aim to ensure clients feel more secure and confident regarding their overall purchase and financing needs.

• First-time home buyers: We try to ensure these clients clearly understand the home-buying process and have identified exactly what they are looking for so they can receive the best possible guidance.
• Refinancing clients: These individuals have likely navigated the mortgage process multiple times before; consequently, the focus of the advice shifts toward the financial aspects and the specific numbers that make sense for their situation.

To ensure a smooth mortgage loan process from pre-qualification to closing, check with your loan officer before making certain financial changes. Key actions to avoid include:

Opening new lines of credit: Avoid opening any new trade lines of credit, as the lender may need to re-verify your income, assets, and liabilities shortly before closing. New credit lines could negatively impact your debt-to-income ratio and potentially jeopardize the loan.

Changing your pay structure: Do not alter your employment pay structure during the loan process. If you are a full-time employee, you should maintain those full-time hours.

Transferring large sums of money: Do not move large amounts of money without first consulting your loan officer. Large, unexplained transfers may require additional documentation at the end of the process and could jeopardize the loan.

To ensure a smooth lending process from pre-qualification to closing, buyers should:

• Continue paying all current credit accounts on time, ideally early or on the due date.
• Monitor emails frequently to maintain clear communication with the lending team and ensure the loan closes on time.
• Be prepared for the potential need to re-verify assets, income, or employment throughout the mortgage process.
• If a borrower has questions regarding appropriate actions during the mortgage loan process, they should contact their loan officer for guidance.

We promise clear and consistent communication, ensuring the realtor, the buyer, and the listing agent remain informed throughout the entire loan process. We offer rapid turnaround times for pre-qualification, often completing them on the same day or even within the same hour. We emphasize a proactive approach to challenges, focusing on finding creative financing solutions to ensure deals reach the closing table even if issues arise. The primary objective is to create a smooth, stress-free experience for clients, leading to a successful and happy transaction.

Numerous parties are involved, including inspectors, appraisers, title companies, escrow companies, and both listing and buying agents, so the process requires extensive paperwork that must be collected, signed, and repeatedly verified. These complex requirements must be coordinated within a standard 30-day goal. 

About two-thirds of the way through, after an appraisal is submitted, underwriters often require updated documents such as recent bank statements or pay stubs to ensure a buyer’s financial situation remains consistent from the start of the process. 

While being asked for updated information can be frustrating for anxious buyers who believe they have already provided everything, these requests are a positive sign that they are “rounding third” and heading home. Providing these final requested documents allows the team to cross all remaining items off their list, move to a “clear to close” status, and finalize the closing date.

First-time home buyers may be eligible for programs that require as little as 0% to 5% down. There are numerous different programs available to potential buyers. It is essential to consult with a loan officer to understand specific qualifications. A loan officer helps determine which down payment amount and program make the most sense for an individual’s unique situation.

Yes, grants and other programs are available for first-time homebuyers. Many assistance programs are dependent on the state where the buyer is located, such as Kentucky or Ohio. The Welcome Home Program is a significant program that typically opens in early March during the spring. The Welcome Home Program typically offers a $20,000 grant. The grant funds can be applied toward a down payment and closing costs. In some cases, the $20,000 may cover the entire down payment. Generally, the homebuyer must remain in the home for five years to avoid having to pay the grant back. Spots for the Welcome Home Program are limited.

The primary tip is to select a lender who demonstrates genuine care for you. Work with someone who takes the time to understand your specific financial needs, wants, and long-term goals. Choose a lender who is transparent and honest about closing costs and fees, and ensures that all contract dates are met quickly. Consider whether a lender utilizes in-house underwriting and processing. A local lender is preferable because they understand the specific local market. Having internal operations can increase the speed of the closing process. 

A local lender is preferable because they understand the specific local market.

Private mortgage insurance (PMI) is an additional monthly cost associated with certain home loans. If you provide a down payment of less than 20% on a conventional mortgage, you may be required to pay PMI. On FHA programs, there is a similar cost known as mortgage insurance premium (MIP). Depending on the amount of money put down during the purchase or refinance of a property, this insurance may last for the entire life of the loan.

There are several strategies for homeowners to reduce their monthly financial obligations:

1. Refinance for a Lower Rate: If you currently have a mortgage with a higher interest rate, refinancing to secure a lower rate can directly reduce your monthly payment.
2. Reset the Amortization Schedule: If you have been paying on your mortgage for several years, refinancing back to a 30-year program can lower your monthly payment, even if the interest rate remains similar.
3. Utilize Home Equity: If you have equity in your home, you may be able to use it to pay off other debts, such as credit cards or installment loans. While this may not specifically decrease your mortgage payment, eliminating other debts can increase your overall monthly cash flow.
4. Consult Professionals: Be open to professional advice, as experts can analyze your overall financial situation to find solutions beyond just the mortgage itself.

Obtaining a strong, non-contingent pre-approval is essential to getting a contract accepted. Demonstrating cash reserves is beneficial because it often signals that a buyer is capable of making a larger down payment. When a larger down payment is reflected on the pre-approval letter, it signals to the seller that the buyer is financially strong, which helps the seller feel more comfortable accepting the offer.

A blanket loan is a financial product that allows a borrower to combine multiple properties into a single mortgage. Utilizing this type of loan eliminates the need for a contingency offer when purchasing property. In many instances, this product allows the borrower to complete a closing with zero dollars out of pocket.

Obtaining a mortgage involves several associated costs that borrowers must account for:

1. Lender Fees: Lenders charge an application fee to process the mortgage.
2. Service and Processing Costs: Borrowers are responsible for paying for an appraisal and necessary title work.
3. Escrow and Government Fees: Funds must be collected to establish an escrow account, and there are various fees payable to the county.
4. Prepaid Interest: Borrowers must pay interest that accrues while the new loan is being set up and during the transition from the current loan.

When applying for a mortgage, loan officers primarily require documentation regarding income and the sourcing of funds to close. The specific documentation needed varies based on your employment or financial status:

W2 Employees: Provide W2 forms and pay stubs.

Self-Employed Individuals: Provide tax returns from the last two years.

Retirees: Provide 1099 forms, Social Security award letters, and documentation of retirement accounts.

To demonstrate funds to close, such as your down payment, you will typically need to provide bank statements and information regarding retirement accounts, including 401k or IRA plans. Additionally, you will eventually need to obtain a homeowner’s insurance quote and sign a few other documents. Overall, while the process requires proof of income and assets, it is straightforward and not as intimidating as it may seem.

Refinancing involves renegotiating the terms of an existing mortgage. Common reasons to refinance include securing a lower interest rate, accessing home equity, or moving to a shorter loan term to pay off the mortgage faster. Refinancing with Guardian Savings is described as cost-effective, with the bank covering appraisal fees and many title and third-party fees, leaving only standard application costs.

Determining when to refinance depends on an individual’s specific situation and type of loan.

VA Loan Streamline Requirements: The VA loan program offers a streamlined option that requires lowering the interest rate by at least half a percentage point. Additionally, borrowers must be able to recoup their closing costs within 36 months.

General Financial Considerations: While the VA requirements serve as a useful measuring stick, they are not a universal rule for all refinancing. Generally, if a borrower can lower their rate by half a point and recover closing costs within 36 months, it is considered a sound financial move.

Long-Term Planning: It is important to consider how long you plan to stay in the home. Even if monthly savings are achieved, refinancing may not be worthwhile if you do not stay in the home long enough to recoup the closing costs. Ultimately, the goal is to ensure that refinancing is a good financial decision for each individual client.

Yes, a “cash-out” refinance allows homeowners to consolidate debt or fund home repairs.

A “cash-out” refinance allows homeowners to consolidate debt or fund home repairs. A home equity line of credit (HELOC), or second mortgage, allows homeowners to access equity without affecting or replacing their first mortgage. This is particularly beneficial for those who secured low interest rates in the past and wish to maintain those rates while still accessing equity.

Specific “streamline” programs exist for VA loans (known as an Interest Rate Reduction Refinance Loan, or “IRRRL”) and FHA loans, which offer quick, low-cost ways to reduce interest rates provided certain threshold requirements are met.

Specific “streamline” programs exist for VA loans (known as an Interest Rate Reduction Refinance Loan, or “IRRRL”) and FHA loans, which offer quick, low-cost ways to reduce interest rates provided certain threshold requirements are met.

It is a myth that a 20% down payment is required to buy a home. Some buyers choose to put 20% down to secure lower monthly payments and avoid paying Private Mortgage Insurance (PMI). Many programs exist that allow buyers to put down as little as 3% to 5%. Low down payment options are particularly beneficial for first-time homebuyers.

The ability to get a mortgage depends on the specific program being applied for, as different programs maintain different requirements. Guardian offers portfolio programs, which consist of loans the bank makes using its own funds. Even if a credit score falls below standard thresholds, financing may still be available through these programs. You have to have a conventional mortgage loan in this scenario. 

1. Homeownership is affordable. You could buy a home with 3% down.
2. A pre-qualification letter is more than just paperwork; it demonstrates to sellers that the individual is a serious buyer. A pre-qualification letter is completed before a property is identified. If the property has already been identified, then a pre-qualification application would be used instead. Pre-qualification letters and pre-qualification applications are different.  It is vital to ensure the physical address of the home being offered is listed directly on the pre-qualification letter.

Funding an escrow account is a significant home-buying cost that often surprises buyers. Key details regarding this expense include:

Escrow Components: Most banks require buyers to prepay for several months of property taxes and insurance.

Insurance Premium: In addition to monthly escrow collections, buyers typically must pay a full 12-month insurance premium upfront.

These funds are collected to ensure the home remains properly insured and that tax obligations are met. Escrow funding is a separate requirement from the standard down payment and typical loan costs.

1. Open a Savings Account: Prospective buyers are advised to open a savings account specifically at Guardian Savings Bank.
2. Build a Down Payment: The account should be used to accumulate funds specifically for a home down payment.
3. Earn Interest: Guardian Savings Bank assists the process by paying an annual percentage yield on the account balance.
4. Increase Available Funds: This earned interest helps the buyer grow their total savings, providing more money to apply toward the down payment.
5. Prioritize a Home Inspection: The primary recommendation is to ensure a professional inspection is conducted before finalizing the purchase of a home

Please click here to download our “Request for Authorized User on a Loan Account” form and follow the instructions for us to add an authorized user to your account. Please note authorized users will remain on the account unless specifically revoked in writing.

Verification of mortgage requests can be made by contacting us at (513) 842-0972 or via e-mail at [email protected].

We at Guardian are sorry for your loss and are here to help. Before contacting us, we recommend gathering the necessary paperwork, such as death certificate(s), trust documentation if appropriate and/or probate paperwork naming an executor of estate. This documentation will be necessary to make appropriate changes to accounts and discuss options with next of kin.

Once this documentation is ready, please give us a call at (513) 842-0972 to discuss how we can assist you through this difficult time. Additionally, you may click here to download further information on successorship.

It is important to keep the mortgage account payments current. If you or next of kin are unable to do so, please contact us immediately at (513) 741-6257 to discuss.

You may do so by clicking here to download the “Authorization to Close HELOC” form, completing that form and returning it to us at your nearest Guardian Savings Bank location or e-mailing to us at [email protected].

Click here to find the nearest Guardian Savings Bank branch.

Please note that all applicable fees must be paid before account closure, including annual or recapture fees. If you are closing your account prior to its third anniversary of opening, a recapture fee will apply and cannot be waived. A loan servicing representative will contact you if outstanding fees remain on the account.

Disregard. These are home warranty solicitations attempting to coerce you into purchasing a home warranty for your property. Guardian will never contact you regarding a home warranty nor do we work with any providers of home warranties. Correspondence regarding your home will always come from a trusted Guardian phone number or in an envelope clearly labeled with the Guardian logo and return address.

Name changes can be processed at any one of our local branches.

Click here to find the nearest Guardian Savings Bank branch.

Additionally, you may click here to download our “Request for Name Change on Loan Account” form to make the necessary changes due to marriage, divorce, or other legal processes. Please include all required documentation.

Please note name change requests do not change the current name(s) on existing mortgage documents, only in Guardian Savings Bank systems. A refinance of your current loan would be the only way to update your existing mortgage documentation.

Contact information changes can be processed at any one of our local branches.

Click here to find the nearest Guardian Savings Bank branch.

Additionally, you may click here to download this “Contact Information Update” form, complete that form and email it to [email protected] to make specific address changes to your mortgage account.

Coupon books are mailed to our customers generally within 30 days of your current book expiring or within two weeks after loan closing. We ask you to allow appropriate mailing time to receive. If you feel you have not received your coupon book in a timely manner, please contact us at (513) 842-0972 or [email protected] so we may review.

Checks are generally mailed to customers within the first 30 days of loan closing. We ask that you allow appropriate mailing time to receive. If you feel you have not received your home equity checks in a timely manner, please visit your Guardian Savings Bank branch location to inquire.

Click here to find the nearest Guardian Savings Bank branch.

If you are currently enrolled for coupon book receipt, unfortunately a statement is not generated for your account. If you are interested in finding your current balance, understanding how your payments were applied and escrow payments made on your behalf, we encourage you to enroll for Online Banking access. Instructions may be found here. Additionally, Online Banking offers the ability to enroll for paperless statement delivery! Find how to enroll for this feature here.

Paperless statement enrollment will not generate past mortgage statements if you were on coupon books nor will it immediately generate a current statement for your account. Rather, it will begin with your next billing cycle.

Annual 1098 documents and payment histories are mailed to the borrower address on file by January 30th of each calendar year. Please allow ample time for preparation and mailing of these important documents. Guardian is unable to provide this documentation until the end of January and therefore, cannot honor requests for this documentation sooner.

If you are enrolled in paperless document delivery, you will receive an e-mail notifying you these documents are available for viewing in Online Banking. If opting for paper documentation, you should receive these documents by the end of February. If you are interested in receiving future tax and history documentation via paperless delivery, please find our enrollment guide here. Enrollment for paperless delivery is not retroactive and will not provide access to prior tax
documentation that has been mailed.

IRS requirements for 1098 statements necessitate Guardian providing you with the existing principal balance of your loan at the beginning of the given tax year, meaning the principal balance information is from January of the tax year in question, not December. You can find your December balance within the payment history enclosed with your 1098 documentation.

When applying for a mortgage, loan officers primarily require documentation regarding income and the sourcing of funds to close. The specific documentation needed varies based on your employment or financial status:

W2 Employees: Provide W2 forms and pay stubs.

Self-Employed Individuals: Provide tax returns from the last two years.

Retirees: Provide 1099 forms, Social Security award letters, and documentation of retirement accounts.

To demonstrate funds to close, such as your down payment, you will typically need to provide bank statements and information regarding retirement accounts, including 401k or IRA plans. Additionally, you will eventually need to obtain a homeowner’s insurance quote and sign a few other documents. Overall, while the process requires proof of income and assets, it is straightforward and not as intimidating as it may seem.

The process from pre-qualification to closing involves the following steps and generally takes 30-45 days:

1.  Initial Consultation: Speak with a loan officer to determine the amount for which you can be approved.
2.  Pre-qualification: This initial step can take as little as 15 minutes. During this time, you will complete an application, have your credit report pulled, and verify that your debt-to-income ratios align with your target purchase price.
3. Offer Submission: Once qualified, you receive a letter to provide to your realtor. This letter is typically required to submit an offer on a house.
4. House Hunting and Offer: Have a realtor show you homes, place an offer on a property, and secure a contract.
5. Documentation: Provide all necessary income, asset, and credit documentation to the loan officer.
6. Loan Processing: After your offer is accepted, you return to your loan officer with the contract. You will review loan options and lock in a loan. The loan officer will collect necessary documentation and the file will go through underwriting to be cleared before you reach the closing table to sign and become a homeowner. The loan officer coordinates with processors, underwriters, closers, and the title company to ensure the loan is closed within 30 days.

An escrow account holds funds for the payment of your taxes and/or insurance. As each mortgage payment is made, a portion of your payment is deposited into the escrow account. Guardian will use funds from this account to pay your tax and/or insurance bills as they are due.

Your monthly escrow payment is calculated by adding up all applicable bills we expect to pay on your behalf for the next year and dividing it by 12. We maintain a minimum required balance (also called a cushion) in your escrow account for unexpected increases in your taxes and/or insurance. If your account has a shortage as determined on your annual mortgage escrow statement, this may increase the monthly payment. Please refer to your most recent annual mortgage escrow statement for further explanation.

View a fictitious example below:

We generally suggest having an escrow account on your mortgage because it combines all mortgage related expenses into one trackable payment each month. However, some homeowners will be required to maintain an escrow account for a number of reasons. Some common reasons include:

• The amount of equity in your property.
• Your property is in a High-Risk flood area and the loan was originated after 1/1/16.
• Your loan had a hardship modification.
• You have an FHA or Rural Housing Loan.

Some escrow accounts may be eligible for cancellation. Some initial requirements to cancel escrow include:

• No delinquency within the last 24 months
• Your loan to value ratio is 80% or less. Loan to value is the amount of your current principal balance as compared to the original value of your home.

It is important to note that these are not all potential requirements. If you would like your escrow reviewed for eligibility, please contact our escrow department at (513) 842-0971 or via e-mail at [email protected]. Please include with your request a document with your full name, account number, the specifics of your request and your signature for review.

No. In most cases, you do not need to send us copies of your county or municipal property tax bills. Guardian receives property tax information directly from the taxing authorities as part of our tax monitoring process.

If you receive a property tax bill, please keep it for your records.

There are some situations where we may still need information from you. Please email a copy of the bill or supporting documentation to [email protected], if:

• You receive an off-cycle, supplemental, corrected or delinquent tax bill
• Your taxing authority grants, removes, or modifies a property tax exemption
• You have disputed your property tax assessment or bill with the taxing authority
• You receive correspondence indicating unpaid taxes, penalties, or a tax lien

Important: For non-escrowed loans, payment of property taxes remains the responsibility of the borrower. Guardian does not pay property taxes on behalf of non-escrowed accounts.

Yes. If your loan includes an escrow account for property taxes, Guardian works to pay property tax bills on time, including during any applicable discount period offered by various taxing authorities.

For loans without an escrow account, payment of property taxes, including any available discounts, remains the responsibility of the borrower.

We maintain a minimum required balance (also known as a cushion) in your escrow account for unexpected increases in your taxes and/or insurance.

If you have a primary mortgage with Guardian, absolutely! Home equity products are not eligible for escrowed accounts. There are a few ways an escrow account can be opened:

• At loan origination and closing.
• Email or fax a written request, along with your most recent tax and/or insurance bills you would like to add to your escrow account to [email protected] or fax to (513) 923-3070 Attn: Escrow Department.
• Give us a call at (513) 842-0971 Monday through Friday 8am-5pm EST.
• Visit one of our local branches.

Click here to find the nearest Guardian Savings Bank branch.

Generally once a year, we perform a review of your escrow account in order to determine if the escrow portion of your monthly mortgage payment is able to cover the annual requirements for your real estate taxes, and/or insurance premiums. We are required under the Real Estate Settlement Procedures Act (RESPA) to disclose to you in an annual mortgage escrow statement, also known as an escrow analysis, the results of this review and its effect on your monthly mortgage payment. Occasionally, we may provide you with an interim statement to maintain compliance with RESPA.

Please click here to download a guide on understanding your escrow statement.

After closing your loan, Guardian will generally prepare a statement after the most recent taxes have been paid on your account. Once your account is established, we will generally run your analysis and prepare your statement at the same time each year. Your statement will be mailed to you, and we suggest looking for this document to understand any important changes to your payment annually if applicable.

The most common answer is because of an adjustment in your taxes or insurance bills from the prior year. While Guardian works to estimate your annual taxes and insurance to the best of our abilities, it is ultimately your city, county or insurance company who determines tax and insurance payment amounts. When Guardian then completes your annual analysis, if these amounts increased, we unfortunately must adjust your escrow payment amount to ensure enough funds to appropriately pay on your behalf.

Yes, this is possible. Your payment may still go up if your taxes or insurance increase, even if you decide to pay the entire shortage or receive a surplus. The monthly payment is determined by dividing the projected disbursements for the upcoming year by 12 while the shortage/surplus is based on the subtracting the projected minimum balance from the required minimum balance. On your annual escrow statement, you’ll see a month-by-month projection of your upcoming escrow contributions. You’ll also see the upcoming disbursements we expect to make on your behalf.

You can absolutely choose to pay your shortage in full. You are able to find this shortage amount on the annual escrow statement we send to you. There are a few options to make this payment:

• Mail a check for the full amount to Guardian at:

GUARDIAN SAVINGS BANK
2774 BLUE ROCK RD
CINCINNATI, OH 45239
Attn: Escrow Dept – Escrow Only Payment

Please include with your check a statement you would like funds deposited directly to escrow only.

• Visit one of our local branches and ask to make a direct payment to your escrow account.

Click here to find the nearest Guardian Savings Bank branch.

Please note that payments directly to escrow cannot be made via our online bill payment options.

A surplus is generally caused when the monthly tax and insurance payments were lower than projected. If your surplus equals $50 or more and your loan is current, we will send you a refund check. If your loan was past due at the time of analysis, your refund will be held in escrow until your loan is brought current. If you are actively participating in loss mitigation assistance, the terms of your workout option may affect your refund. If your surplus is less than $50, we will automatically apply it to reduce your monthly escrow payment over the next 12 months.

Funds in escrow are used to pay bills such as:

• Property taxes (both city and county)
• Homeowner’s Insurance
• Mortgage Insurance
• Flood Insurance

Your escrow payment is included within your monthly mortgage payment. To ensure prompt payment, simply follow the information provided within your coupon book or monthly statement.

Of course! Understand however, making payments directly to your escrow account does not negate or take the place of making your regular monthly mortgage payments. To make additional payments to escrow:

• Mail a check to Guardian at:

GUARDIAN SAVINGS BANK
2774 BLUE ROCK RD
CINCINNATI, OH 45239
Attn: Escrow Dept – Escrow Only Payment

Please include with your check a statement you would like funds deposited directly to escrow only.

• Visit one of our local branches and ask to make a direct payment to your escrow account.

Click here to find the nearest Guardian Savings Bank branch.

Possibly. If the initial setup of your auto bill pay was to pay the current amount due, then it will be updated. However, if you setup auto bill pay with your financial institution to make a static payment amount and the new amount exceeds the static payment, auto bill pay will reject and payment will not be made. At that point you will need to request an update to your auto bill pay or login yourself to make the necessary adjustments.

Mortgage insurance provides financial flexibility and can allow borrowers without a substantial down payment to purchase a home. It protects your lender in case you default on your mortgage loan. There are two common types of mortgage insurance:

• Private Mortgage Insurance (PMI): PMI is the most common form of mortgage insurance, especially on Freddie Mac and Fannie Mae Loans.
• Mortgage Insurance Premium (MIP): Mortgage Insurance Premiums are common on FHA loans.

To determine if you can cancel your PMI, review the requirements to cancel your mortgage insurance outlined on your Mortgage Insurance Disclosure received with your loan closing documents, if available.

If your loan is secured by a single family, owner occupied residence you can typically request PMI cancellation if:

• Your “original value” LTV (loan-to value) ratio is 80% or less—a calculation made by dividing your loan’s unpaid principal balance by your original purchase price or your original appraised value, whichever is less.
• You have a good payment history and have made at minimum 24 monthly payments. (No payments past 60 days late in 24 months and no payments past 30 days late in 12 months.)
• PMI removal can be requested based on “current value” LTV, but there are specific requirements including age of loan, investor, etc.

For automatic termination on a fixed rate mortgage loan, if the residence is a single-family primary home or second home, your mortgage insurance will be cancelled automatically in one of the following scenarios, whichever happens first, provided that your loan is current:

• The LTV on your property reaches 78%, based on the original amortization schedule (and you didn’t make extra payments to get it there).
• You reach the midpoint of your mortgage term (year 15 on a 30-year mortgage, for example).

Note: If you have a multi-unit primary residence or investment property, these rules differ slightly. With Fannie Mae, mortgage insurance goes away on its own halfway through the loan term. By contrast, Freddie Mac does not auto-cancel mortgage insurance.

These guidelines will not apply to every loan. To determine if you are eligible to cancel your mortgage insurance, submit a written request with your full name and full account number via fax to (513) 923-3070 or by emailing [email protected]. You can also mail the request to:

Guardian Savings Bank
2774 Blue Rock Rd
Cincinnati, OH 45239
Attn: Escrow Dept – PMI Cancel

For FHA loans with MIP, please refer to the documents that were provided at your loan closing.

Your loan documents require that you maintain the appropriate insurance coverage throughout the life of your loan. The type of coverage required may depend on the location of the property.  For example, properties in flood zones must have flood insurance.

If your required insurance coverage lapses or you do not have enough coverage, Guardian may purchase insurance on your behalf.  Your monthly mortgage payment will be adjusted to reflect the additional charge to your escrow account. Additionally, your account may be considered in default for failure to maintain insurance as required by the terms of your note and mortgage with Guardian and subject to increases to your interest rate and/or other default actions as defined by the terms of your agreement. Our purchase of insurance on your behalf does not negate this default.

Lender placed mortgage insurance premiums are generally more costly than purchasing your own insurance. They also only cover the outstanding balance on your loan and not your belongings or total property. It is important to keep us up to date on your mortgage insurance. Changes to insurance carriers, annual declaration pages, and any other insurance related questions can be sent to [email protected] or by calling (513) 842-0971.

A mortgagee clause states for insurance purposes who the mortgage holder of your property is. For Guardian Savings Bank, it should be listed as follows on all policies:

GUARDIAN SAVINGS BANK, ISAOA
2774 BLUE ROCK RD
CINCINNATI, OH 45239

Copies of policy information can be sent via fax to (513) 923-3070, e-mail at [email protected] or mail to:

Guardian Savings Bank
2774 Blue Rock Rd
Cincinnati, OH 45239
Attn: Escrow Insurance

Please ensure all policies contain the appropriate mortgagee clause to avoid rejection by Guardian. Policies should list Guardian as:

GUARDIAN SAVINGS BANK, ISAOA
2774 BLUE ROCK RD
CINCINNATI, OH 45239

Please give your new insurance company our mortgagee clause:

GUARDIAN SAVINGS BANK, ISAOA
2774 BLUE ROCK RD
CINCINNATI, OH 45239

Your agent will typically send the new policy in the mail, but to expedite the process you can also email us at [email protected]. Once we receive the new policy, we will send payment. You must contact your previous insurance company and cancel the policy. If we have already sent payment on your previous policy, you will receive a refund directly from the insurance company. We advise that
you deposit those funds back in to your escrow account so the change reflects accurately on your escrow analysis. Not doing so may cause an additional shortage to your escrow account, increasing your payment at your next annual escrow review.

Typically, this is because you had a much larger shortage and much more drastic change in expenses on your prior year analysis. Because you have paid this shortage over the last year, that portion of your payment for the shortage is complete. You still show a shortage on your current analysis, as your escrowed items increased from the previous year’s projections, just not as much as they did on your last analysis.

Unfortunately your monthly escrow payment cannot be lower than your “required escrow payment”. To calculate your required escrow payment, Guardian takes the total amount for all your escrowed items and divides that number by 12. If you deposit any amount past the shortage, your payment will be adjusted to your required escrow payment and anything additional would show as an overage in your escrow account and would be used to help prevent or lower a potential shortage.

If the check is for exterior work on your property (i.e. Roof, Siding, etc.), you may proceed to your nearest Guardian Savings Bank branch location for assistance. If your insurance check is for exterior and/or interior damage, please contact our Ft. Wright branch at (859) 341-0700 and ask to speak with someone regarding your insurance check.

An escrow account is an account established by a bank for the purpose of managing specific property-related payments. Homeowners make monthly payments into the account to cover portions of their property taxes and insurance. When these payments become due, typically six months to a year after the purchase of the home, the funds are automatically withdrawn from the account. The bank then uses these funds to pay the taxes and insurance obligations on behalf of the homeowner.

If a borrower puts more than 20% down on the property, they can choose to escrow taxes, insurance, both, or neither. An escrow account allows the homeowner to pay for taxes and insurance in monthly installments as part of their regular mortgage payment. This approach helps stabilize monthly expenses, ensuring that when taxes or insurance payments are due, the funds are already available in the bank’s escrow account rather than requiring the homeowner to pay out of pocket at that time.

Funding an escrow account is a significant home-buying cost that often surprises buyers. Key details regarding this expense include:

Escrow Components: Most banks require buyers to prepay for several months of property taxes and insurance.

Insurance Premium: In addition to monthly escrow collections, buyers typically must pay a full 12-month insurance premium upfront.

These funds are collected to ensure the home remains properly insured and that tax obligations are met. Escrow funding is a separate requirement from the standard down payment and typical loan costs.

We at Guardian are here to help! If you have yet to file a claim with your insurance carrier, please do so immediately before contacting us. If you have filed a claim or have received a check from your insurance carrier due to a loss and need to understand next steps, please call us at (513) 741-6257 for assistance.

If you are experiencing a hardship on your account preventing you from making your monthly payments, please contact us at (513) 741-6257 for assistance.

There may be options, such as spreading your shortage over a time period longer than the standard 12 months. Please keep in mind however that this may cause larger shortages in the future. To assess this option, please reach out to our escrow department at (513) 842-0971 or [email protected]. Assessment is not a guarantee of approval.

If you are experiencing an overall hardship in making your payments and need to speak to someone, please reach out to us at (513) 741-6257.

Click here for information on our current rates and how to contact us. One of our loan officers would be happy to speak with you about our various options!

Our escrow department is here to help you with any escrow related questions. We are available Monday through Friday 8am – 5pm EST. You may call us at (513) 842-0971 or e-mail us directly at [email protected].

If your loan includes an escrow account for the payment of taxes, you generally do not need to send Guardian a copy of your annual county or city tax bill for payment. We receive tax bill information directly from taxing authorities and pay eligible tax bills from escrow when due.

Please keep any routine annual property tax bills you receive for your records.

However, we ask that you send a copy to [email protected] if you receive:

• A supplemental, corrected, delinquent, or off-cycle tax bill
• Notice of a new, removed, or modified tax exemption
• Documentation related to a tax assessment or tax bill dispute
• Correspondence regarding unpaid taxes, penalties or tax liens

Important: For loans that do not have an escrow account for property taxes, payment of these bills remains the responsibility of the borrower. Guardian Savings Bank does not pay property taxes on behalf of non-escrowed loans.

Please contact our customer service team at 513-842-0972.

For questions about taxes, insurance or PMI, please contact our escrow team at 513-842-0971.

Under limited circumstances, Guardian may allow the transfer of your property to a trust or an LLC. Please contact us at (513) 842-0972 or [email protected] to discuss your eligibility and applicable documentation and fees if appropriate.

Additionally, you may review and complete our Request to Transfer to LLC documentation and return to us via e-mail at [email protected] to begin the review.

Guardian may allow the partial release of your mortgage obligation if certain criteria are met. A current mortgage appraisal detailing before and after land values will be necessary to determine appropriate loan to value and if any pay down of your principal balance will be necessary. You may contact us to begin the process at [email protected] or give us a call at (513) 842-0972 to discuss.

Additionally, you may complete our Request for Partial Release to begin the process. This form can be returned to us at [email protected].

Please contact our escrow department at (513) 842-0971 to have your account reviewed with an escrow representative.