Frequently Asked Questions

You have two options for opening an account. You can

• Stop by our office and we’ll open your account while you wait. Just bring your government-issued photo ID
• Print out an application (include link), fill it out, sign it and mail it to our office

Simply stop by our office and one of our helpful staff members will set you up for online banking.

You can make a deposit:

• By mail (do NOT mail cash)
• At the branch location during our normal business hours
• At our Night Deposit box at any time (where available)

Home Savings accepts all types of checks such as, but not limited to, personal checks, checks from state and local government agencies, checks from local businesses, payroll checks, cashier’s, tellers, and certified checks, US Treasury checks, and money orders. Checks deposited must be made payable to you and properly endorsed.

Our general policy is to allow you to withdraw cash and funds from electronic payments deposited in your account on the first business day after the day we receive the deposit. The first $5000 of funds deposited in person from state and local government checks, cashier’s, certified, or teller’s checks, U.S. Treasury checks, U.S. postal money orders, and checks drawn on an account at Home Savings are generally available on the second business day after the day of deposit. Funds exceeding $5000 from all checks are generally available on the seventh business day after the day of deposit. In some cases, including deposits made by new customers, we may delay your ability to withdraw funds beyond these time frames, up to nine business days, after the day of deposit.

You may call us at our branch location, or you can send us a written and signed request with the following information:

• The new address and phone number you are changing to
• The old address and phone number you are changing from
• Your account number
• Your name and signature

Yes, deposits in checking accounts, savings accounts, money market accounts and Certificates of Deposit (CDs) are insured up to $250,000 per depositor under the FDIC's general deposit insurance rules. Deposits in Individual Retirement Accounts (IRAs) are separately insured up to $250,000 per owner. Setting up your accounts with different account ownerships, such as single and joint, can increase your deposit insurance levels considerably. For specific questions about your accounts, contact one of our branch Customer Service Representatives or visit www.fdic.gov for more information.

Your privacy is important to us, and we will not share any data about you with outside parties. We continually evaluate our technologies to ensure any data you share with us is protected. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to keep your data safe.

Our branch addresses and phone numbers are located under the “Contact” tab on the top right hand corner. Feel free to email us with questions at information@myhsoa.com.

Our numbers speak for themselves: Making home ownership a reality in all 50 states for more than 76 years. Over $3.5 billion in home loans last year. Home Savings exists to help Americans purchase or refinance their homes – a decision that is usually repeated several times over many decades. We offer a wide variety of loan products, from VA and FHA to Conventional loans and more, with free pre-qualification, competitive rates and quick closings.

The right type of mortgage for you depends on many different factors:

• Your current financial picture
• How you expect your finances to change
• How long you intend to keep your house
• How comfortable you are with your mortgage payment changing

For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with your Home Savings Community Banker.

With traditional refinancing, the most often cited rule of thumb is that the interest rate for your new mortgage must be about 1 percentage point below the rate of your current mortgage for refinancing to make sense. However, with the newer low and no cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.

How long you expect to stay in your home is also a factor to consider. If you'll be moving in a few years, the month to month savings may never add up to the costs that are involved in a refinancing.

We will verify all the information you've provided. This process can take anywhere from 1 - 4 weeks, depending on the type of mortgage you choose, whether you're buying a home outside your local community, or a host of other factors.

Within three business days after your signed your loan application, we will give you a good faith estimate of your closing costs. You will also receive a statement that shows your estimated monthly payment, the cost of your finance charges, and other facts about your mortgage. Stay in touch with us to speed up the application process.

Once complete, your application will be given to a Home Savings of America processor who will organize your paperwork and may verify your employment, bank balances, and other information. Be sure to respond promptly to requests for information while processing is taking place, which may include:

• The final purchase contract for the house (if applicable).
• If you're self-employed, we may require your personal and business tax returns for the previous two years and your company's year-to-date Profit and Loss statement.
• Divorce settlement papers, if applicable
• Updated account statements for listed assets in the application that may have changed in value.
• Information about debts or credit report items that may have been delinquent or not accurate.
• Evidence of your mortgage or rental payments, such as canceled checks.
• An irrevocable gift letter if you are receiving a monetary gift from a relative.

The processor is collecting this information before presenting it to an underwriter who reviews your loan file to determine if the application meets lender guidelines. With approval, we will give you a letter of commitment, which is a promise from the lender to make a loan based on specific terms and conditions.

Loans and gifts can help with your down payment, but you can not use this strategy for all loan programs. The most popular program for this tactic is the Federal Housing Administration (FHA) which allows 100% gift funds for your down payment. The gift can be from any relative or can be collected through new innovative programs, like the Bridal Registry where couples receive money into an account that can be used for the down payment.