Geauga Savings Bank was started in 1983 in Geauga County by a few local businessmen, as the first savings and loan-chartered bank in the County. The pillar of strength and the woman behind the growth is the president Betty Kimbrew, who has been with the bank for many years. Their extremely successful efforts at capital raising helped them offer a greater variety of non-conforming lending products to the customers.
Geauga Savings Bank offers a variety of mortgage products, loan products and certificates of deposit. Geauga Savings Bank’s mortgage products include conforming fixed rate mortgages, non-conforming fixed rate mortgages, and non-conforming adjustable rate mortgages. With the conforming fixed rate mortgage, the principal and the interest paid monthly remains the same throughout the term of the loan. This makes it easier for the borrowers to manage finances. They also offer some of the best rates. Up to 97% of the value of the home on new purchases and up to 95% on refinances can be borrowed. Geauga Savings Bank’s non-conforming home loan program was created keeping in mind those customers who do not qualify for regular financing due to certain circumstances. With the non-conforming mortgages of fixed-rate, the principal and the interest paid monthly remains constant throughout the term of the loan. These are made available for owner-occupied and non-owner occupied as well as mixed use properties, individuals who are self-employed and also individuals with less than perfect credit.
Their adjustable rate mortgages (ARMs), have a provision to lock in a lower interest rate for the first 1 to 8 years. After this period, ARMs adjust depending on the period. ARMs are certainly a great choice when rates are on the higher side or if the customer has plans of selling the house during the lock-in period of the loan term. These are available for people that are self-employed, for those that do not have a perfect credit, for non-income verification loans, for unusual properties such as working farms, non-electrified homes and such. Customers are allowed to borrow upto 95% of the value of their property with mortgage insurance. No cost is involved in getting an approval.
Last but not the least, Geauga Savings Bank’s special income mortgage program is a blessing for people who do not come into any loan bracket, which means even if the income level is low, they may qualify for this loan. This clearly shows the intentions of this bank and their determination to help people with their finances. Their other loan products include home equity loans which can be availed for buying a new car, financing a child’s education, for a vacation, consolidation of debt, or for any such reason whatsoever. All the customer needs to do is choose between the fixed rate second mortgage or flexible and variable rate home equity line of credit. Both these products may carry a deduction of the interest that is paid on the federal tax return. Geauga Saving’s Bank provides home construction/permanent loans that helps borrowers arrange both their construction loan and their permanent mortgage financing at the same time. A wide range of products are financed. The rate is locked-in during application. The interest needs to be paid only during construction and up to 12 months time is given for the building. This is available for contractor builders as well as owner builders of even unusual properties such as modular homes and log homes. Up to 95% of the value of the home can be borrowed. This is an amazing product with great rates.
Geauga Savings Bank also is in the forefront where commercial loan products are concerned. If one is looking for commercial real estate financing for multi-family properties, office buildings, apartments, farms, warehouses, mixed-use properties, or land acquisition and development, there could be no need to look any further than Geauga Savings Bank. There is no difference in the way an experienced investor and first-time loan seeker is treated. When Geauga Saving’s Bank is approached for a loan, the ready-to-help loan officers who understand every intricate detail are willing to help the customer all the way. Their customer support is very good.
Coming to the certificates of deposit, the best CD rates in the market are offered on a wide variety of CDs, regular CDs, executive CDs and Jumbo CDs. An account can be opened with a minimum of $1000, excluding retirement CDs on which there is no minimum requirement. The terms can range anywhere from 4 to 60 months. The rate as understood is going to be much higher the more and longer one invests. If the deposit is more than $90000, special CD rates apply. Geauga Saving’s Bank offers undoubtedly one of the best CD rates in the market. They are insured by FDIC up to $100000. There is also a monthly interest payment option available.
The initial aim of Geauga Saving’s Bank when they started was to help finance homes for people in and around the County. Now that goal has been achieved successfully and extended to a number of places. It is not only the all-perfect borrower that is benefited, but also the person who has trouble with his credit or with his home. This is a rarity even in this competitive financing world and an appreciable effort.
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