Our adjustable rate mortgage is based on the LIBOR (London InterBank Offered Rate) index, with an initial fixed rate term of five, seven, or ten years. Rates and payments are adjusted every 12 months thereafter. The payment is based on a 30-year term. Available for both jumbo and conventional mortgage amounts.
Owner-occupied 1-4 unit residence, condominiums, modular homes, and planned unit developments (PUDs), or second homes.
Manufactured homes; cooperative housing (co-ops); property used for agriculture, farming or commercial enterprise; vacant land; investment property, and multi-family (5+ units).
Property must be within any county within New York State.
Mortgage insurance is required if the loan to value (LTV) is over 80%.
Payment Due Date
Payment due date will be determined when the loan is disbursed.
No prepayment penalties
When you get a mortgage from ESL, you can pay it off at any time without worrying about any prepayment penalties.
Interest Rate – APR (Annual Percentage Rate)
Rates subject to credit evaluation. Actual rates may vary. Rates may increase during your loan term. All rates quoted are for properties located in upstate New York.
One-year LIBOR is the average of the one-year rate paid on deposits between international money center banks in the Eurodollar market quoted in U.S. dollars, as published in The Wall Street Journal. LIBOR is a widely monitored international interest rate indicator.
A fixed percentage that is added to the LIBOR rate at each adjustment period. The margin we use is as low as 2.25%.
- 5/1 ARM – Following the five year fixed-rate period, the rate can increase or decrease up to 2% during the first adjustment period and 2% per year after that, with a lifetime cap of 5% above the initial rate.
- 7/1 ARM – Following the seven year fixed-rate period, the rate can increase or decrease up to 2% during the first adjustment period and 2% per year after that, with a lifetime cap of 5% above the initial rate.
- 10/1 ARM – Following the ten year fixed-rate period, the rate can increase or decrease up to 2% during the first adjustment period and 2% per year after that, with a lifetime cap of 5% above the initial rate.
The new rate will be the index in effect 45 days prior to the change date plus the margin rounded to the nearest one eighth of one percentage point (0.125), except as limited by the caps (see above). The new payment amount will be sufficient to fully amortize the remaining balance at the new interest rate for the remaining term.
Rate Lock Options
The interest rate may float from time of application to a few business days prior to closing. Anytime during this float time period, the interest rate may be locked. Conventional mortgage rates are quoted based on a 45-day rate lock. Extended rate lock options up to 180 days are available upon request.
- The conventional mortgage rate may be locked for 45 days and there's no lock fee.
- Extended rate lock options up to 180 days are available upon request. Extended rate lock fees will be charged a fee at the time the rate is locked.
- Optional extended rate lock fees are non-refundable if the borrower fails to close. These fees are fully refundable if ESL declines the loan.