FAQs

Our customers consistently ask us certain questions. We’ve posted the most common questions here, but welcome your input to suggest other FAQ’s that would be helpful to others!

Our normal geographic service area includes Belmont, Carroll, Guernsey, Harrison, Jefferson, and Tuscarawas Counties, Ohio. We are a community based financial institution and therefore, will not accept deposits nor generally retain deposits owned by persons not residing or located in our normal geographic service area. For more information, please read our Policy for Accepting or Retaining Funds on Deposit.

No. There are other institutions with the same or similar name, but we are not affiliated with any of them.

The Board of Directors considers all new applications on a weekly basis. If approved, the loan can usually be disbursed within 60 to 90 days.

We attempt to keep closing costs as low as possible. For a typical loan, the costs usually are between $1,000.00 and $1,500.00 for the following required services: Application Fee, Appraisal, Credit Report, Title Search, Flood Determination Fee and Recording Fees.

Not included in this estimate is the cost of property insurance that is required on all mortgage loans and the following expenses that may be required: flood insurance, title insurance, private mortgage insurance, pest inspection and treatment, and site survey.

Our broad basis guidelines set a 25% maximum of gross income available for housing expense (principal, interest, real estate taxes, and insurance) and a 35% maximum of gross income available for payment of overall debts. Debts with 10 or less installments remaining are not considered in the calculation. If the applicant’s ratio exceeds the standards but factors such as a low loan to value, strong reserves, low debt, or successful history of handling high ratios are present, the application may be considered acceptable.

A written credit report will be obtained on each loan applicant. The applicant’s history in the use of credit and the manner in which credit obligations were paid will be considered. Any recent reports indicating slow pay, collections, repossessions, creditor lawsuits, defaults, or foreclosures will be considered grounds for denial unless it can be established by the applicant that the circumstances were temporary and beyond the control of the applicant. If the applicant has been bankrupt, we will require a satisfactory explanation of the conditions that caused the bankruptcy and any actions taken to correct the debt.

The best source of additional information about us can be found at www.fdic.gov. This is the official website for the Federal Deposit Insurance Corporation.