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 our customers!
Q: Do you accept
"out of the area" deposits?
A: 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.
Q: Is The Equitable
Savings and Loan Company a division or subsidiary of another company?
A: No. There are
other institutions with the same or similar name, but we are not affiliated
with any of them.
Q: How long does
it take to get a mortgage loan?
A: The Board of
Directors considers all new applications on a weekly basis. If approved,
the loan can usually be disbursed within a month.
Q: What are the
normal closing costs associated with a mortgage loan?
A: We attempt to
keep closing costs as low as possible. For a typical loan, the costs
usually are between $750.00 and $1,000.00 for the following required services:
Appraisal, Credit Report, Title Search, 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, private mortgage insurance, pest inspection
and treatment, and site survey.
Q: What are your
income to expense guidelines?
A: 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
Q: What are your
A: 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.
Q: Where can
I find additional information about The Equitable Savings and Loan Company
on the Internet?
A: 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.