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Home Equity Loan

Want to finance a major purchase, consolidate debt, or refinance your mortgage? A Home Equity Loan can help you achieve your goal. Plus, you’ll lock in an affordable, fixed interest rate and have predictable monthly payments. 

Borrow from the available equity in your home.

Apply for a Home Equity Loan today.

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  • Features & Benefits

    With a Home Equity Loan from ESL, you can borrow from the available equity in your home. That’s why it’s such an affordable form of financing.

    • Low, fixed interest rate for the life of the loan.
    • Predictable monthly payments.
    • No application fee, points, closing costs,1 or annual fees.
    • Borrow up to 90% of your loan-to-value.
    • A variety of payment options.
    • No prepayment penalty.
    • Outstanding balances are eligible for our special Owners’ Dividend.2
    1Property and flood insurance, if applicable, are required.
    2Qualification for the Owners’ Dividend is subject to eligibility requirements. Payment of a Dividend is not guaranteed.
     
  • Specifics

    Home Eligibility

    • You may be eligible if you own and occupy a 1-2 unit primary residence, second home, modular home, planned unit development (PUD), or a condominium if it is 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.

    Loan Amounts

    • Minimum: $5,000
    • Maximum: $250,000

    Loan Term

    Interest Rate: Annual Percentage Rate (APR) 

    • Fixed Annual Percentage Rate.
    • You will receive your loan rate at application OR at approval, depending on which rate is lower.
    • Your rate will be subject to a credit evaluation. 
    • Rates are subject to change.

    Collateral/Lien Position

    • A mortgage lien equal to the amount of your home equity loan 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. 

    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 or mobile banking
    • ESL chat banking
    • TEL-E$L

    Other Payment Information

    • Payment due date is determined when loan is disbursed.
    • There are no prepayment penalties.
     
  • Rates

    Home Equity Loan 1st Lien Rates

    Loan Amount
    Maximum Loan to Value
    Term in Months
    APR as Low as
    Loan Amount $5,000 - $24,999
    Maximum Loan to Value Up to 80%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 4.95% 5.10% 5.35% 5.80%
    Loan Amount $25,000 - $49,999
    Maximum Loan to Value Up to 80%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 4.70% 4.85% 5.10% 5.55%
    Loan Amount $50,000 or More
    Maximum Loan to Value Up to 80%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 4.55% 4.70% 4.95% 5.40%
    Loan Amount
    Maximum Loan to Value
    Term in Months
    APR as Low as
    Loan Amount $5,000 - $24,999
    Maximum Loan to Value Up to 90%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.45% 5.60% 5.85% 6.30%
    Loan Amount $25,000 - $49,999
    Maximum Loan to Value Up to 90%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.20% 5.35% 5.60% 6.05%
    Loan Amount $50,000 or More
    Maximum Loan to Value Up to 90%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.05% 5.20% 5.45% 5.90%

     

    Home Equity Loan 2nd Lien Rates

    Loan Amount
    Maximum Loan to Value
    Term in Months
    APR as Low as
    Loan Amount $5,000 - $24,999
    Maximum Loan to Value Up to 80%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.70% 5.85% 6.10% 6.55%
    Loan Amount $25,000 - $49,999
    Maximum Loan to Value Up to 80%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.45% 5.60% 5.85% 6.30%
    Loan Amount $50,000 or More
    Maximum Loan to Value Up to 80%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.30% 5.45% 5.70% 6.15%
    Loan Amount
    Maximum Loan to Value
    Term in Months
    APR as Low as
    Loan Amount $5,000 - $24,999
    Maximum Loan to Value Up to 90%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 6.20% 6.35% 6.60% 7.05%
    Loan Amount $25,000 - $49,999
    Maximum Loan to Value Up to 90%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.95% 6.10% 6.35% 6.80%
    Loan Amount $50,000 or More
    Maximum Loan to Value Up to 90%
    Term in Months 48-60 61-120 121-180 181-240
    APR as Low as 5.80% 5.95% 6.20% 6.65%

    Rates accurate as of

    APR = Annual Percentage Rate. Rates subject to approval. Rates shown are for new loans only and cannot be used to refinance existing ESL equity debt. ESL waives the closing costs for a home equity loan. However, if you close your account within the first 36 months of your account open date, you must reimburse us for actual costs and fees paid in connection with the opening of your account. Minimum loan amount is $5,000.

    Payment Examples

     
  • 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 Loan
    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.