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 in any county within New York State.
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.
No prepayment penalties
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.
Points may be paid to reduce the interest rate. See rates for Discount 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.