Fixed-Rate Mortgage

With a fixed-rate mortgage, your monthly principal and interest payments will remain the same — month after month, year after year.

• Available terms: 10, 15, 20, and 30 years.
• No prepayment penalties.
• Simplifies monthly and annual budgeting. 
• No worries about unexpected changes in mortgage rates.
• A great solution for people who plan to stay in their new homes for the long haul.

Learn More About Our Fixed-Rate Mortgage Options

• Not sure if you can afford a down payment? Only have limited funds available? Find out how a FHA Mortgage and our Home Possible® Mortgage can help you buy a new home.
• Want to buy a new home with a 10% down payment, avoid mortgage insurance, and potentially get “cash out” of your equity? Read all about our Mortgage + Home Equity Financing options.

Jumbo mortgages available for single family loan request greater than $806,500.

Eligible Properties

Owner-occupied 1-4 unit residence, condominiums, modular homes, Planned Unit Developments (PUDs), or second homes.

Ineligible Properties

Manufactured homes; cooperative housing (co-ops); property used for agriculture, farming, or commercial enterprise; vacant land; investment property and multi-family (5+ units).

Lending Area

ESL lends to all counties in New York State except for Bronx, Dutchess, Kings, Nassau, New York (Manhattan), Orange, Putnam, Queens, Richmond (Staten Island), Rockland, Suffolk, Sullivan, Ulster, and Westchester Counties.

Loan Limits

Maximum loan amounts are listed below:

• Single Family: $806,500
• Two Family: $1,032,650
• Three Family: $1,248,150
• Four Family: $1,551,250

Mortgage Insurance

Mortgage insurance is required if the Loan-to-Value Ratio (LTV) is over 80%.

Payment Due Date

Payment due date will be determined when the loan is disbursed.

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.

No prepayment penalties

Rate Lock Details

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 45-65 day rate lock.

Discount Points

Points may be paid to reduce the interest rate. Contact a mortgage originator today to learn more.

Premium Points

Premium points are used to lower out-of-pocket closing cost expenses. They are a credit toward closing costs in exchange for a slightly higher rate on a purchase or refinance.

For rate information, call 585.336.1502 or 800.352.6669, x1502, to speak with a helpful member of our Mortgage Team today. Or fill out this contact us form to have a member of our Mortgage Team reach out to you.

Understanding ESL Mortgage Closing Costs and Fees 

Here’s something important to remember when you’re shopping for a mortgage: 

We carefully manage and control the mortgage process from start to finish. Our goal? We want to minimize the costs our members pay. That’s one of the reasons why our closing costs are among the lowest in our area.

We also make sure that our entire approach to closing costs is straightforward and easy to understand. That’s why you’ll know exactly what’s due prior to closing. And you won’t have any unexpected, last-minute expenses that may delay the closing process.

A Quick Reference Guide to Closing Costs

At ESL, we realize that buying a home can be a complex and confusing process for many home buyers. That’s why we want to make sure you understand all of the specific costs involved in your closing

Here’s a quick recap of these common closing costs:

• Origination charges cover our fees for processing your mortgage application, including your application and underwriting fees, the costs involved in document preparation, and the settlement and attorney costs. 
• Discount points are paid voluntarily in exchange for a lower interest rate. They are calculated as a percentage of your loan amount and usually paid at closing.
• Mortgage Insurance will be required on loans with over 80% LTV to protect the lender in the event of default of the borrower.
• Other expenses for third-party services obtained on your behalf. These expenses include the costs for your title insurance and fees for appraisals and credit reports.
• Taxes and other government fees cover your state and county mortgage taxes and the recording fees paid to the county clerk.
• Prepaid items include property taxes, homeowners insurance, and prepaid interest. They may also include mortgage insurance.

Estimate Your Closing Costs

To make a sound financial decision about a mortgage, it helps to estimate your closing costs in advance. 

That’s why we provide a helpful Mortgage Closing Calculator. It will help you find a mortgage that fits your financial situation and your budget.

Use our Mortgage Closing Calculator today.

Post-Closing: Potential for Late Fees

At ESL, there’s only one fee that may be assessed after your closing. And that only happens if your mortgage payments are late. If we do not receive the full monthly payment 15 calendar days after the scheduled due date, you’ll have to pay a late fee that is 2.0% of the total overdue payment of interest and principal.

Please remember, however, that there are easy ways to avoid late fees. Just make sure your mortgage payments are made on time every month. View Loan Payment Options. 

It’s easy to apply.

• Fill out an application online. Feel free to contact a helpful member of our Mortgage Team for assistance during the online application.
• Call 585.336.1502 or 800.352.6669 x1502, to speak with a helpful member of our Mortgage Team.

Please remember that borrowers and co-borrowers must be at least 18 years old to apply.

In preparation for your mortgage application please begin to gather, and be prepared to eventually make available, the following documents:

• Income for all borrowers – your W2s and tax return will provide this information.
• Banking information – banking statement information that include bank name, your name, account number, current balance, and 30 days transaction history.
• Estimate monthly expenses – Write down your monthly expenses like rent, mortgage, utilities, credit cards, and additional expenses.
• Estimate funds available for down payment (excludes closing costs).
• Estimate for closing cost, property taxes, and insurance.
• Purchase contract – if available at application.
• Inspection expenses – receipt/invoice for any/all inspections, if available at application.