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Home Equity Line of Credit

“Someday” you’ll get to those needed home repairs or pay off higher-interest debt, right? With an extra-low intro rate on a Home Equity Line of Credit, someday can start today.

Using your home’s equity opens the door to achieving more.

Apply for a Home Equity Line of Credit today.

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  • Features & Benefits

    An ESL Home Equity Line of Credit lets you borrow from the available equity in your home. Because it’s a revolving line of credit, you can access the money in your line at any time up to your available credit limit.

    • Extra-low introductory rate for 12 months, then ongoing variable rate.
    • No application fee, points, closing costs,2 or annual fees.
    • Revolving line of credit, so you only pay for what you use.
    • Borrow up to 90% of your loan-to-value.
    • Immediate access to your money through Online and Mobile Banking3 or with checks.
    • Outstanding balances are eligible for our special Owners’ Dividend.4

    1: Annual Percentage Rate (APR) shown is current as of 3/22/18, and is subject to change without notice. The prime rate is 4.75% as of 3/22/18, and rate featured is based on a loan-to-value ratio up to 80% for lines of $100,000 and above. There are other rates available for line limits less than $100,000 and for a loan to value exceeding 80%. This rate will never exceed 15.9%. There is an introductory rate that is fixed for 12 months from the time of closing. At the end of 12 months, the contract rate becomes variable and may increase based on Prime Rate plus your contract margin. Rates are available to new accounts only and are subject to credit approval. Minimum line amount is $5,000. 2. Property insurance and flood insurance, if applicable, are required. ESL will pay all the closing costs and fees in connection with the opening of your account. However, if you close your account within the first 36 months of your account open date, you must reimburse us for the closing costs and fees paid in connection with opening your account. 3. Members must be ESL Online Banking users to use ESL Mobile Banking. 4. Qualification for the Owners' Dividend is subject to eligibility requirements. Payment of a Dividend is not guaranteed.

     
  • Specifics

    Home Eligibility

    • Owner-occupied 1-2 unit primary residences and second homes, modular homes, planned unit developments (PUDs), and condominiums may be eligible for an ESL Home Equity Line of Credit if they are located in one of the following counties:
      • Erie, Genesee, Livingston, Monroe, Niagara, Ontario, Orleans, Seneca, Wayne, Wyoming, and Yates

    Ineligible Properties

    • Manufactured homes; cooperative housing (co-ops), property used for agriculture, farming or commercial enterprise; vacant land; investment property; and multi-family properties (3+ units) are ineligible.

    Total Loan-to-Value Ratio

    • Borrow up to 90% of your Loan-to-Value (LTV) ratio.
    • To calculate the maximum you can borrow, multiply 90% times the estimated property value.
    • Then subtract the total of all outstanding liens on the property.
    • That is how much you can borrow up to.
    • View Home Equity calculators.

    Minimum Loan Amount: $5,000

    How to Access Your Home Equity Funds

    • You can easily access your available funds through an online banking transfer to an ESL checking or savings account or by writing a Home Equity Line of Credit check.
    • You can also transfer money by calling our Contact Center or TEL-E$L and via chat banking or an ESL representative at any branch.

    Loan Term

    • Access your money whenever you want for the first 10 years.
    • 20-year repayment period – Year 11 to Year 30 – to repay the outstanding balance. Funds cannot be accessed during this period.
    • 30-year total term.

    Interest Rate: Annual Percentage Rate (APR) 

    • Variable rate based on the Prime Rate published in The Wall Street Journal plus a margin.
    • Your rate could change monthly.
    • Your rate will never exceed 15.9% during the life of the loan.
    • Variable rates shown are for lines of credit that will vary based on the available equity in your home.

    Collateral/Lien Position

    • A mortgage lien equal to the amount of your line of credit will be placed on your property and act as collateral.
    • For a loan with a Total Loan-to-Value of up to 90%, ESL will accept any lien position.

    Minimum Payment

    • During your 10-year draw period:
      • Variable payments equal 0.17% of the principal loan balance at the end of the last monthly statement period plus interest, insurance, and applicable fees OR $100, whichever is greater.
      • Payment due on the 25th of each month.
    • During your 20-year repayment period:
      • Variable payments equal to the monthly principal and interest amortized over 20 years plus insurance and applicable fees.
      • Payment due on the 25th of each month.

    Payment Options (compare loan payment options)

    • Automatic transfer (AutoSweep) from your ESL savings or checking account
    • Automatic debit from a checking or savings account at any financial institution
    • ESL branch or Contact Center
    • ESL online banking or mobile banking
    • ESL chat banking
    • TEL-E$L

    Note: There are no prepayment penalties.

     
  • Rates

    Home Equity Line of Credit

    Line Amount
    Max Line: None
    Maximum Loan to Value
    Lifetime Index = Prime Rate
    Margin
    Contract APR
    (Lifetime Index + Margin)
    Line Amount $5,000 - $24,999
    Maximum Loan to Value80%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 2.00%
    Contract APR (Lifetime Index + Margin)6.75%
    Line Amount $25,000 - $49,999
    Maximum Loan to Value80%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 1.45%
    6.20%
    Line Amount $50,000 - $99,999
    Maximum Loan to Value80%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 1.00%
    Contract APR (Lifetime Index + Margin)5.75%
    Line Amount $100,000 or More
    Maximum Loan to Value80%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 0.25%
    5.00%

    Home Equity Line of Credit

    Line Amount
    Max Line: $250,000
    Maximum Loan to Value
    Lifetime Index = Prime Rate
    Margin
    Contract APR
    (Lifetime Index + Margin)
    Line Amount $5,000 - $24,999
    Maximum Loan to Value90%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 2.50%
    7.25%
    Line Amount $25,000 - $49,999
    Maximum Loan to Value90%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 1.95%
    Contract APR (Lifetime Index + Margin)6.70%
    Line Amount $50,000 - $99,999
    Maximum Loan to Value90%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 1.50%
    6.25%
    Line Amount $100,000 or More
    Maximum Loan to Value90%
    Lifetime Index = Prime RatePrime Rate = 4.75%
    Margin 0.75%
    Contract APR (Lifetime Index + Margin)5.50%

    Rates accurate as of

    APR = Annual Percentage Rate. This rate will never exceed 15.90%. Rates are available to new accounts only and cannot be used to refinance existing ESL equity debt. Rates are subject to approval. ESL waives the closing costs for a home equity line of credit. However, if you close your account within the first 36 months of your account open date, you must reimburse us for the actual costs and fees paid in connection with the opening of your account. Minimum line amount is $5,000.

     
  • Fees
    Potential Loan Late Fees After Opening Your Account

    Loan late fees vary. Below are the late fees for new loans issued. Contact an ESL Representative by phone at 585.336.1000 or 800.848.2265, use chat banking, or visit an ESL branch to determine your late fee for a loan issued previously.
     

    Home Equity Line of Credit
    During the 10-year draw period and the 20-year repayment period, payment is due on the 25th of each month. 

    Late fees of 5.0% of the overdue payment of interest and principal are charged if we do not received the full monthly payment 15 calendar days after the scheduled due date.

     
  • How to Apply

    Initial Requirements

    • ESL membership
    • Own your home
    • Must have available home equity (you can borrow up to 90% of your Loan-to-Value ratio)

    Application Process

    Information Checklist

    • Completed Home Equity Application
    • Income verification will be required
    • Proof of flood insurance (if applicable)
    • Property appraisal: ESL will conduct a property valuation based on the line of credit amount, your credit tier, the property value, and other factors.

    Final approval is subject to completion of the loan process, including a property valuation and title review.