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Mortgage + Home Equity Financing

At ESL, we know it’s not always easy to come up with the down payment for a conventional mortgage. That’s why we offer our affordable Mortgage + Home Equity Financing solution.

I needed a flexible mortgage to meet my needs, and ESL helped me find it.

Apply today for an ESL mortgage.
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  • Features & Benefits

    This popular ESL home-buying option combines a traditional ESL first mortgage with an ESL Home Equity Loan or Line of Credit. That’s why it can help you:

    • Buy a new home with a low 10% down payment and closing costs: That’s definitely an advantage of this innovative approach to home financing.
    • Save money over the life of your loan: You may be able to avoid paying Mortgage Insurance, which will help you save year after year.
    • Get access to extra cash: If you choose a Home Equity Line of Credit, you may be able to use your line for home improvements, tuition, and other goals depending on how much equity you have in your new home.

    Here’s something else you’ll appreciate. Both fixed-rate and adjustable-rate mortgages are available with Home Equity Financing. The choice is up to you.

    So find out how you can walk through the door of your new home with help from ESL.

  • 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

    This option is available on most fixed-rate and adjustable-rate programs in New York State in the following counties: Erie, Genesee, Livingston, Monroe, Niagara, Ontario, Orleans, Seneca, Wayne, Wyoming, and Yates

    Payment Due Date

    Payment due date is determined when your loan is disbursed.

    Payment Options

    No prepayment penalties

    When you get a mortgage from ESL, you can pay it off at any time without worrying about any prepayment penalties.

    See Fixed-Rate Mortgages or Adjustable-Rate Mortgages for all other mortgage details.

  • Rates

    For rate information, call 585.336.1502 or 800.352.6669, x1502, to speak with a helpful member of our Mortgage Team today. Or, submit an online request for a callback, and we'll contact you at a time that's convenient for you.

  • Fees
    Understanding ESL Mortgage Closing Costs and Fees 

    ESL manages and controls the mortgage process from start to finish minimizing the cost members pay during the mortgage process.  In aggregate, our closing costs are easy to understand, straightforward and priced among the lowest in the market.  You’ll know exactly what’s due prior to closing.

    Closing costs include the origination charge, discount points, other expenses, state/county charges and prepaid items. See the mortgage closing calculator.

    • Origination charges – Include all charges retained by ESL to process and close your mortgage – including application and underwriting fees, and settlement/attorney costs.
    • Discount points – Calculated as a percentage of your loan amount and paid voluntarily in exchange for a lower interest rate, usually at closing.
    • Other expenses for third-party services – Cover services that ESL obtains on your behalf, such as fees for appraisals, credit reports, and title insurance costs.
    • Taxes and other government fees – Cover state and county mortgage tax, recording fees paid to the county clerk.
    • Prepaid items – Include property taxes, homeowners insurance, prepaid interest, and may include mortgage insurance.

    Potential Mortgage Fees After Closing
    Late fees of 2.00% of the overdue payment of interest and principal are charged if we do not received the full monthly payment 15 calendar days after the scheduled due date.

    Home Equity Loan or Home Equity Line of Credit

    ESL will pay the closing costs and fees in connection with the opening of the account. However, if the account is closed within the first 36 months of the account open date, you must reimburse ESL for the closing costs and fees paid in connection with the opening of the account.

  • How to Apply

    Ready to buy a home with an extra-low down payment? 

    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.