Mortgage Refinancing ^top

Refinancing can be a smart money-saving strategy. Look at the many ways you can benefit:

  • Reduce your monthly payment by lowering your current interest rate or extending your repayment period.
  • Eliminate the risk of rate fluctuations by switching from an adjustable rate mortgage (ARM) to a low fixed-rate loan.
  • Save thousands in interest costs with the lower rate or by shortening the term of your mortgage.
  • Build equity faster by shortening the term of your loan.
  • Use the equity in your home as a source of cash for major expenses

Contrary to an old rule of thumb, interest rates do not have to be 2 percent lower than your current rate for refinancing to make financial sense. You can still save a lot even if you reduce your rate by less than 2 percent.

Should you Refinance?

The Refinance Process

Much of the refinance process is the same as the process to purchase a home, except you already have the home you want to finance. But, there are a few things to consider before jumping into the refinance process:

  • Determining how much you want to borrow - ESL will lend up to 90% of your home's current market value.
  • Refinancing your current mortgage only or taking extra cash.
    • A No Cash Out refinance mortgage includes in the final loan amount your current mortgage balance and closing costs.
    • A Cash Out Refinance includes your current mortgage balance and closing costs, and may include secondary financing, other debt or cash back up to 80% of the value of your property. Certain restrictions may apply.
  • Analyzing whether it's really worth it for you to refinance or if an ESL Equity Line or Loan is the better alternative. To do this you might want to call an ESL Mortgage Origination Counselor to discuss your particular situation.

Once you've decided to refinance, applying is easy:

  • Over the phone: Call 585.336.1502 or 800.352.6669 Ext. 1502
  • Online: Apply Now
  • In Person: By appointment at our offices located at 225 Chestnut Street, Rochester, NY 14604