Originally chartered in 1895, Guardian Savings Bank has expanded to 10 offices in Ohio and Kentucky and is considered one of the strongest-performing banks in the Cincinnati Tri-State area. Guardian Savings Bank prides itself on its ability to offer personalized attention to its customers.
Although it services a small geographical location, this bank has over $3 billion in mortgage-related assets, a relatively large amount for an organization of its size.
This financial institution provides a variety of services, including checking and savings accounts, as well as its main line of service, mortgage products. In addition to fixed and adjustable-rate mortgages, Guardian Savings Bank offers government-assisted loans, such as VA and FHA loans.
Table of Contents
- History of Guardian Savings Bank
- Current Guardian Savings Bank Mortgage Rates
- Guardian Savings Bank Mortgages
- Guardian Savings Bank Mortgage Customer Service
- Guardian Savings Bank Ratings and Complaints
- Guardian Savings Bank Mortgage Qualifications
- Guardian Savings Bank Phone Number & Additional Details
- The Bottom Line – Guardian Savings Bank Mortgage Review
History of Guardian Savings Bank
Guardian Savings Bank was founded in 1895 in the city of Cincinnati. During its years of operation, the bank expanded from one location to 10 total branches throughout the states of Ohio and Kentucky. It offers plenty of affordable, flexible loan programs that can accommodate a variety of budgets, term lengths, and preferences.
This financial organization experienced a major controversy a few years ago when Guardian Savings Bank and another Cincinnati-based bank were accused of denying mortgages to predominantly African-American neighborhoods. Aside from this significant issue, the bank is not accredited by the BBB and has had seven complaints in the last three years.
Current Guardian Savings Bank Mortgage Rates
Guardian Savings Bank Mortgages
Guardian Savings Bank offers many different types of home mortgages, from conforming loans to less traditional options. Here are Guardian Savings Bank’s various mortgage offerings:
Fixed-Rate Loans
With fixed-rate mortgages, interest rates stay the same throughout the lifetime of the loan. Fixed-rate loans are ideal for homebuyers who plan on staying in the home for several years. Individuals with secure finances who prefer predictable rates might want to take out a fixed-rate mortgage, particularly if interest rates are low at the time of purchase.
Guardian Savings Bank Adjustable-Rate Loans
Guardian Savings Bank offers adjustable-rate mortgages, loans that have low initial interest rates for a designated amount of time. After this period, monthly rates will rise and fall to reflect market trends. Many lenders provide their borrowers with interest rate caps to prevent these monthly costs from drastic increases.
Guardian Savings Bank recommends these types of home loans to buyers who plan on selling or refinancing their homes in the next five years.
Guardian Savings Bank Balloon Loans
Balloon loans do not fully amortize over their terms, so they require what is called a “balloon” payment at the end of the term to pay back the remaining balance of this loan. These can be desirable options for individuals with the financial standing to borrow for only a short amount of time, as these mortgages typically have lower interest rates than loans with longer terms.
Guardian Savings Bank Jumbo Loans
This bank offers jumbo loans for homebuyers looking to take out larger mortgage amounts than the typical limits set by Freddie Mac and Fannie Mae. Currently, any loan that exceeds the amount of $484,350 is considered jumbo, or non-conforming. Jumbo mortgages can be helpful for homebuyers who feel comfortable paying larger monthly fees to cover high-value properties.
Guardian Savings Bank FHA Loans
The Federal Housing Administration provides these forms of loans to assist individuals who may have trouble putting 20 percent down on their homes. FHA loans are not available to all borrowers; instead, they will need to qualify based on certain factors, including household income.
Guardian Savings Bank VA Loans
Current or former members of the U.S. Armed Forces and their spouses can qualify for VA loans from Guardian Savings Bank. This type of mortgage allows borrowers to put a small amount down on their homes. Eligible individuals can benefit from the flexible term conditions and low costs associated with these mortgages.
Guardian Savings Bank Interest-Only Loans
Guardian Savings Bank offers interest-only mortgages, with payments that do not contain principal costs. These kinds of home loans are particularly beneficial for first-time homebuyers who are not used to paying mortgage payments (and instead became accustomed to lower-cost rental fees). Interest-only loans give borrowers the opportunity to make lower payments during the first few years of the loan.
Guardian Savings Bank Bond Loans
These loans, which are issued by local and state authorities, subsidize the cost of homeownership for individuals who do not meet specific income requirements. They do so by offering cash assistance or decreasing increased rate costs. Guardian Savings Bank recommends these types of loans for low and middle-income families who may not qualify for FHA loans.
Guardian Savings Bank Construction/Permanent Loans
Buyers who know their home needs a lot of building and/or renovation work can take out construction to permanent home loans from Guardian Savings Bank. This type of loan can help fund the construction of a home; once the project has been finished, borrowers can convert their construction loans into permanent mortgages.
Guardian Savings Bank also offers construction-only home loans, which can fund the building of the home for buyers who do not need a permanent mortgage.
Guardian Savings Bank Blanket Loans
Guardian Savings Bank offers these types of home loans for real estate investors with more than one property. Blanket loans prevent these individuals from having to handle multiple different mortgages, instead of allowing them to make payments to one bank with a single set of terms.
Guardian Savings Bank Mortgage Customer Service
At Guardian Savings Bank, borrowers can fill out a quick online form to get in touch with loan officers. They will need to provide their full name, address, phone number, email, and desired financial service product (such as home purchase, refinance, or lower loan interest rate). After submitting this information, a loan officer will get in touch and commence the mortgage selection process.
Borrowers will need to present Guardian Savings Bank with more information during the underwriting process. The following information may be needed and can impact individuals’ approval statuses and monthly payments with this financial organization:
- Employee W2 forms over the past two years
- 2 recent pay stubs
- 2 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)
Guardian Savings Bank provides a limited amount of resources for prospective borrowers. For instance, it has an online mortgage calculator that helps estimate the approximate monthly fees associated with different types of home loans based on the amount borrowed, interest rate, and term length. Guardian Savings Bank also allows its borrowers to make their mortgage payments online.
Guardian Savings Bank Ratings and Complaints
Guardian Savings Bank was founded in 1895 as a regional bank that serviced the city of Cincinnati. Since then, the bank has expanded its service to individuals in the state of Kentucky. This organization is not currently accredited by the Better Business Bureau but has an A+ rating. With five customer reviews, the bank has a rating just short of 2 out of 5 stars.
While there have been seven complaints in the last three years, there have been four in the last 12 months.
A few years ago, Guardian Savings bank settled a suit that claimed they discriminated against black neighborhoods in Cincinnati from 2010 to 2014, according to Cincinnati.com, a news organization operated by the USA Today network. It was accused of violating the Fair Housing and Equal Credit Opportunity acts in the following ways:
- Situating branch locations away from black neighborhoods
- Training loan officers to focus primarily on white neighborhoods
- Failing to market mortgage offerings to black neighborhoods
This source stated that only 1.9 percent of mortgage applications for Guardian Savings Bank came from Cincinnati-area black neighborhoods between 2010 and 2014. This is significantly lower than the 6.2 percent of applications received by similar banks. Officials believe the bank did nothing to amend this situation at the time.
As part of this settlement, Guardian agreed to open additional locations in predominantly African American areas.
- Information collected October 13, 2023.
Guardian Savings Bank Mortgage Qualifications
Generally, lenders take credit score into account more than any other factor when qualifying individuals for home loans. When borrowers have a credit score above 760, they generally experience the best mortgage rates. However, those with credit scores above 700 should have no trouble securing a home loan.
Borrowers with credit scores below 620 or without a credit score may have trouble getting approved for traditional mortgages from Guardian Savings Bank.
| Credit Score | Quality | Ease of Approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Somewhat difficult |
| No credit score | n/a | Difficult |
Guardian Savings Bank Phone Number & Additional Details
- Homepage URL: https://www.guardiansavingsbank.com/
- Company Phone: 513-942-3500 or 513-842-0972 (for online mortgage services)
- Headquarters Address: 5901 Colerain Ave., Cincinnati, OH 45239
The Bottom Line – Guardian Savings Bank Mortgage Review
Guardian Savings Bank demonstrates a substantial history and notable expansion within Ohio and Kentucky, specializing in a vast array of mortgage options to accommodate varied financial needs and scenarios of homebuyers.
While it parades a sturdy financial status with $3 billion in mortgage-related assets and a range of customized loan products, it’s impossible to sidestep past controversies and consumer grievances.
The bank’s non-accreditation by the BBB and its entanglement in a discrimination lawsuit spotlight crucial concerns for prospective clients.
Thus, while some may find value in its broad mortgage offerings and localized service, others might weigh these advantages against the specters from its past and the mixed customer reviews in navigating their banking and mortgage choices.
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Guardian Savings Bank Mortgage Review
Product Name: Guardian Savings Bank
Product Description: Guardian Savings Bank, with a rich history since 1895, provides an array of mortgage products catered to diverse customer needs, spanning fixed and adjustable-rate mortgages to specialized options like VA, FHA, and jumbo loans. It operates primarily in Ohio and Kentucky, striving to combine traditional banking with personalized customer service, particularly in facilitating a broad spectrum of mortgage offerings.
Summary
The bank emphasizes providing extensive mortgage solutions, accommodating various financial statuses and home-buying situations by offering a mix of conventional and non-conventional loan options. Notably, its product line-up spans from fixed-rate loans, ensuring stable interest rates, to the more nuanced adjustable-rate and balloon loans, catering to shorter-term ownership or specific financial planning. For those requiring government assistance or seeking larger loan amounts, Guardian Savings extends VA, FHA, and jumbo loans, ensuring a spectrum of solutions that address unique client needs. Moreover, special provisions such as bond loans and construction/permanent loans highlight the bank’s intent to cater to specific demographic and developmental niches within the homebuying market.
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Cost and Fees
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Customer Service
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User Experience
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Product Offerings
Overall
Pros
- Extensive Mortgage Options: A wide array of mortgage products ensures varied consumer needs are met, from traditional fixed rates to specialized FHA and VA loans.
- Long-standing History: Over a century of operation, demonstrating experience and sustained service in the banking sector.
- Localized Services: A focused operational geography ensures a nuanced understanding of the local market dynamics and client needs.
- Accessibility for Varied Financial Profiles: Offers loan types (e.g., VA and FHA loans) that can be accessible to individuals with diverse financial situations.
Cons
- Limited Geographical Presence: Operating predominantly in Ohio and Kentucky, limiting its accessibility to clients outside these states.
- Past Controversies: The bank’s involvement in a discrimination lawsuit poses ethical concerns and might impact the perception of the institution.
- Mixed Customer Reviews: A subpar customer rating and several complaints over the past years indicate possible inconsistencies in customer service and satisfaction.
- Non-accreditation by BBB: The lack of Better Business Bureau accreditation might raise concerns about its business practices and transparency with customers.
