Fixed-Rate Mortgage

A fixed-rate mortgage is a great peace-of-mind solution if you want to simplify budgeting and planning or if you plan to stay in your new home for years to come.

I appreciate a great rate and guidance choosing the right mortgage solution.

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  • Features & Benefits

    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 loan amounts greater than $417,100 and higher.

     
  • Specifics

    Eligible Properties

    Owner-occupied 1-4 unit residence, condominiums, modular homes and 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 

    Property must be in any county within New York State.

    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

    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.

    Discount Points

    Points may be paid to reduce the interest rate. See rates for Discount Points.

    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.

     
  • Rates

    Fixed Rate Mortgage - Full Closing Cost Program

    Term in Years
    Rate
    Points
    APR
    Term in Years30 Year
    Rate 4.000% 3.875% 3.750%
    Points 0.000 0.625 1.375
    APR 4.042% 3.969% 3.906%
    Term in Years20 year
    Rate 3.750% 3.625% 3.500%
    Points 0.000 0.500 1.250
    APR 3.808% 3.740% 3.701%
    Term in Years15 year
    Rate 3.250% 3.125% 3.000%
    Points 0.000 0.875 1.375
    APR 3.324% 3.326% 3.274%
    Term in Years10 year
    Rate 3.000% 2.875% 2.750%
    Points 0.000 0.875 1.375
    APR 3.107% 3.167% 3.147%

    Fixed Rate Jumbo Mortgage - Full Closing Cost Program

    Term in Years
    Rate
    Points
    APR
    Term in Years30 Year
    Rate 4.000% 3.875% 3.750%
    Points 0.000 0.625 1.375
    APR 4.008% 3.934% 3.871%
    Term in Years20 year
    Rate 3.750% 3.625% 3.500%
    Points 0.000 0.500 1.250
    APR 3.761% 3.692% 3.653%
    Term in Years15 year
    Rate 3.250% 3.125% 3.000%
    Points 0.000 0.875 1.375
    APR 3.263% 3.265% 3.213%
    Term in Years10 year
    Rate 3.000% 2.875% 2.750%
    Points 0.000 0.875 1.375
    APR 3.107% 3.167% 3.147%

    Rates accurate as of

    APR = Annual Percentage Rate. Rates subject to credit evaluation. Actual rates may vary.

    All rates are quoted based on a 45-day rate lock and are for properties located in upstate New York. Rates for longer rate locks may be higher.

    Counties in upstate New York include:  Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Cortland, Delaware, Erie, Essex, Franklin, Fulton, Genesee, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Orleans, Oswego, Otsego, St. Lawrence, Saratoga, Schenectady, Schoharie, Schuyler, Seneca, Steuben, Tioga, Tompkins, Warren, Washington, Wayne, Wyoming, and Yates.

    Conventional Loans: Balance less than or equal to $417,000 for single family, owner occupied; Balance less than or equal to $533,850 for two-family, owner occupied.

    Rate lock options:

    • The ESL standard mortgage rate lock option is 45 days and there is no lock fee.
    • 90-day and 120-day rate locks: 1/2 point fee paid at time of lock.
    • 150-day and 180-day rate locks: 1 point fee paid at time of lock.
    • The fee associated with the rate lock is non-refundable if the borrower fails to close. These fees are fully refundable if ESL declines the loan.
    • For loans that do not close prior to the rate lock expiration date, the interest rate and total points can change. This determination will be made by ESL as of the day after the rate lock expires. If the new interest rate is the same or lower than the old locked rate, the new interest rate will be the same as the old locked rate and the member will pay the total points associated with that rate and an additional 1/4 of 1-point at closing. If the new interest rate is higher than the old locked rate, then the new interest rate will be the higher interest rate and the member will pay the total points associated with that rate and no additional fees will be charged. Under each situation, the rate will be re-locked for 30-days.
    • Material changes in loan terms brought about by credit qualifications, collateral value or other factors may void a rate lock.

    Payment Examples

     
  • Fees
    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

     
  • How to Apply

    Once you’ve evaluated your options and made your mortgage selection, you are ready to apply. 

    Below are handy tools that guide you through:

    Call 585.336.1502 or 800.352.6669 x1502, to speak with a helpful member of our Mortgage Team today​.  Or email us and we'll contact you at a time that's convenient for you.