Mortgage + Home Equity Financing

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.

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

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

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

Payment Due Date

Payment due date is determined when your loan is disbursed.

Payment Options

• Automatic transfer (AutoSweep) from an ESL savings or checking account.
• Automatic debit from a checking or savings account at any financial institution.
• Transfer funds using ESL online or mobile banking or TEL-E$L.
• Connect with an ESL Representative so we can help with this transaction.

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 for all other mortgage details.

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 

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.

It’s easy to apply.

• 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.

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.