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Frequently Asked Questions

Find answers to common questions below or contact us.

Topics

  • Construction
    How do I select what builder to use with so many to choose from? When hiring a builder it is important to remember you are buying a service – not just a product. The quality of service the builder provides will determine the quality of the finished product and your satisfaction with it. Here are some questions to consider when choosing a builder:
    • Am I comfortable with them and do I feel they are a good fit?
    • Are they quality oriented and do they offer a warranty?
    • Are they a good listener and will they accept changes?
    • Do they primarily build custom homes or “spec” homes?
    • Can they supply me with multiple references from other people they have built for?
    • How long have they been in business and can I see other homes they have built?
    • What is their reputation in the building industry? Do they have subcontractors who would speak highly of them?
    • Are they a member of the HBA (Home Builders Association) and do they abide by their standards?
    • Have they built different home styles and have they ever managed a project like mine?
    • Can they offer ideas and guidance throughout the entire building process?
    • Can I review all of their contracts and required documentation in advance?
    • Am I comfortable with the terms of the proposed project?
  • When do I have to make our down payment? At the time the bank closes on your construction loan, you will have to furnish your down payment. The down payment is held by the bank and is used to fund your builder’s draws. Once they have exhausted your funds, the bank will begin to fund the builder’s draw requests from your construction loan. There is no interest paid on your down payment.
  • What if I want to make changes during the construction project? Changes are never a problem and are a common occurrence with custom home construction. If your changes result in a decrease in square footage, change in the home type (two story to a ranch, etc.) or some type of change that results in the value of your new home decreasing, you will need to notify the bank immediately. These may affect your loan and changes like this should not be made prior to talking to the bank. It is not uncommon for things to change during construction. Even though your builder may do a detailed review of your floor plan prior to starting construction, once they are in the field they may even suggest minor changes and modifications that will improve the functionality of your new home. They will encourage and welcome your feedback and thoughts as to things you may want to change while your home is being built. Changes can result in additional costs or a decrease in costs depending on what the change is. Unless you have allowed funds in your construction loan for cost overruns, be prepared to pay for these changes in cash at the time you request the change.
  • What happens if there are construction delays and construction is not complete when the loan comes due? You typically have 9 months to 1 year to complete the construction. It will be important to keep in close contact with the bank on any delays, however the bank will typically be aware of delays through the inspection process. Your bank will work with you on these issues on a case-by-case basis.
  • When do loan payments start? With a construction-to-permanant loan your interest only payments will typically begin 30 days after your loan closing and will be based on any drawn funds. You will pay interest only on the drawn balance during the construction phase and then your regular principle and interest payments will be begin during the next billing cycle for the permanent mortgage.
  • eStatement
    What are e-statements? E-statements are an electronic version of your checking, savings, loan or combined statement that you can view through our online banking system. They contain the same information as your regular monthly statement.
  • What are the benefits of e-statements?
    • Immediate availability
    • Secure electronic delivery
    • Available 24/7
    • Reduce paper waste
    • Convenient storage for 24 months
    • No fees
  • How do I enroll in e-statements? Not registered for online banking: Create an account for online banking here. After registering your account for online banking and adding your accounts, follow the steps below. Already registered for online banking: Login to online banking using your existing username and password.
  • Can some of my accounts be e-statements and some still be paper statements? Yes, you can enroll specific accounts in e-statements and leave your other accounts as is, receiving paper statements.
  • Can I consolidate my accounts on one statement? Yes, to consolidate accounts please call us at 603-542-7711 or 800-992-0316.
  • Are e-statements easy to print? Yes, e-statements are in PDF format and can be viewed and printed in the free Adobe Acrobat Reader.
  • Are e-statements secure? Yes. Electronic delivery of statements may actually be more secure than mail due to the possibility of theft from your mailbox or trash or mail being delivered to the wrong address by the mail carrier.
  • Will my e-statement look the same as my regular printed statement? Your e-statement will look similar to your printed statement and will contain all the information that you previously received by mail. In addition, you will see additional features such as viewing past statements.
  • How do I change my email address where I receive my e-statement notice? You can call us at 603-542-7711 or 800-992-0316.
  • Can I change back to paper statements at any time? Of course! To do so, call us at 603-542-7711 or 800-992-0316.
  • Can I get e-statements for my business account? Yes. Any account that you access through online banking is eligible for e-statements.
  • Can loan, mortgage and CD statements be electronic? Yes, all loan, mortgages and Certificates of Deposits accounts can be viewed in online banking and be enrolled in electronic statements.
  • How long are e-statements archived and accessible online? Electronic statements will be archived for 24 months. You can access, save or print them within that time frame.
  • Health Savings Accounts (HSAs)
    How do I pay for my qualified medical expenses? Our HSAs come with a debit card, so you can pay for prescription medications and other qualified medical expenses right away. Checks are also available if that is preferred. If you wait for a bill to come in the mail, you can call the billing center and make a payment over the phone using your debit card.
  • How much can I put into an HSA? For 2025, if you have an HDHP, you can contribute up to $4,300 for self-only coverage and up to $8,550 for family coverage into an HSA. At age 55, an additional $1,000 annual contribution is allowed. Unused HSA funds roll over year to year and you can use these funds at any time to pay for qualified medical expenses.
  • How do I contribute to an HSA? Contributions can come from you, your employer, a relative or anyone else who wants to add to your HSA. Contributions can be direct deposited into your account by your employer, by cash or check provided to the servicing institution, or funds transferred between your accounts.
  • What are the benefits of an HSA?
    • Help cover out-of-pocket insurance costs (co-payments, coinsurance, medications, etc).
    • Available for qualified medical expenses, including dental, vision and mental health services.
    • Contributions are generally pre-tax and aren’t subject to federal or state income tax.
    • Withdrawals from your HSA are not subject to federal (or in most cases, state) taxes if you use them for qualified medical expenses.
    • Provides tax-free earnings through interest.
    • Unspent money in an HSA rolls over at the end of the year so it’s available for future health expenses.
    • Money in your HSA remains available for future qualified medical expenses, even if you change health insurance plans, go to work for a different employer, or retire.
    • No minimum balance and no monthly services charges (Claremont Savings Bank HSA).
  • Who can have an HSA? You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including Marketplace and employer provided plans) that doesn’t provide coverage for non-preventive medical services until you meet your annual deductible. For plan year 2025, the minimum deductible for an HDHP is $1,650 for an individual and $3,300 for a family.
  • What is a Health Savings Account (HSA) An HSA is a type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified medical expenses.

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