Home Equity Loan

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.
  • What is Loan-To-Value?
• A variety of payment options.
• No prepayment penalty.
• Loan balance is eligible for our special Owners’ Dividend.²
• Home Equity Loan vs. Home Equity Line of Credit. What’s the difference?

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:
  • Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Steuben, 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: No maximum loan amount for loans with a LTV of up to 80%. For loans with a LTV greater than 80% (up to 90%), the maximum loan amount is $250,000.

Loan Term

• Primary homes: 4-20 years
• Second homes: 4-12 years

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

ESL has a variety of loan payment options that make it easy for you to pay your ESL loans from your phone, tablet, or PC. Our loan payment option comparison chart will help you decide which option is most convenient for you. Still have questions? Connect with an ESL representative so we can help.

Other Payment Information

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

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 receive the full monthly payment 15 calendar days after the scheduled due date.