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Purchase

Buying a new home is exciting. But it’s also a complex process with lots of steps involved. That’s why it’s important to find a reliable and trustworthy partner to guide you every step of the way … a partner like ESL.

Speak with a knowledgeable Mortgage Origination expert today.

Our experienced team will help guide you through the homebuying process.

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Maybe you’re looking for guidance with the mortgage selection and purchase process. Or maybe you want to get a fast preapproval to prove to sellers and realtors that you’re ready to buy.

Whether you’re a first-time homebuyer or an experienced homebuyer, you can count on ESL to help you understand how the home-buying and mortgage process works as you take that big next step toward buying your new home

Find the right mortgage and mortgage partner

These days, there are many ways to get a mortgage. And you can expand your options by searching online. But it’s important to remember that all lenders are not created equal. So let us briefly mention a few of the things that set us apart.

  • We’re here for you, 100%. When you apply for your mortgage with ESL, you can count on guidance from our experienced Mortgage Team based right here in Greater Rochester. As you’ll soon discover, we understand the local real estate market. And we know how to get things done right here in our home town.
  • Award-winning service, from start to finish. From answering your initial questions to watching with excitement as you sign your closing documents, we will guide you through the entire purchasing and mortgage process.
  • And here’s something else you’ll appreciate—Customer service. We take it seriously; so when you have a question or want to make a payment, there's a friendly, knowledgeable ESL representative available to help.
  • Mortgage balances may be eligible for the ESL Owners’ Dividend.1

Bottom line? We’re not just a lender. We’re your partner, guide, and personal assistant in the mortgage and home-buying process.

Understand the five basic steps involved in getting a mortgage at ESL

Ever since we first opened our doors more than 100 years ago, we’ve been helping people in Greater Rochester buy homes. And our experienced team of Mortgage Originators help to simplify the mortgage process into five basic steps:

  1. Evaluate Solutions: We help you explore your mortgage options to find the one that’s right for you.
  2. Apply:We guide you through the application. And help you gather all the information you need.
  3. Approval: We go out of our way to make the process move smoothly. We also work with you to resolve any problems that could cause a delay.
  4. Closing Process: We help you and your attorney finalize all the closing details. We schedule the closing date. And we make sure you bring all the necessary documents to your closing.
  5. After Closing Support: After you are the owner of your own home, you’ll get all the information, answers, and assistance you need for your mortgage from a friendly, helpful ESL Loan Service Representative.

For more information on the mortgage process, see our helpful guide: Steps to Get an ESL Mortgage.

How to get an ESL Preapproval Letter

Preapproval is a great option in the home-buying process.

When you get an official preapproval letter from your lender, you can prove to sellers that you are serious about purchasing their home. In other words, it’s a clear sign that you’re ready to buy.

In fact, some sellers actually require that you provide a preapproval letter from your lender along with your purchase offer.

To get a preapproval letter from ESL, you will need to contact a member of our Mortgage Team and provide information so we may evaluate your credit and discuss your loan options.

Your preapproval letter will state you are preapproved for an ESL mortgage based on the information you provided and a review of your credit report. The letter will also contain some of your potential mortgage loan terms and conditions you are likely to qualify for when you complete a mortgage application with us.

Once you receive your preapproval letter from ESL, you can provide a copy to the seller along with your purchase offer.

Here are some important details to remember:

  • A preapproval is not a formal mortgage commitment, but includes loan terms and conditions that show sellers you’re serious.
  • There is no fee for this service.

Preapproval vs. Prequalification

Preapproval is a more extensive process than prequalification. We summarize the differences for you or you can use our easy-to-read comparison chart.

More Information

ESL offers many affordable mortgage solutions, grants, and discounted programs for first-time homebuyers. We also offer Government backed mortgage loans such as VA Loan or FHA Mortgage for qualifying members at all income levels who may have limited savings and are seeking flexibility with credit history.

ESL also offers a single-close Construction Loan for those looking to build their dream home and if you have investment property needs, ESL can help you to purchase and finance rental property.

Our competitive interest rates are available online and updated daily for you to view. With fixed-rate and adjustable-rate options, you’ll get payments that best first your needs.

ESL Cash Guarantee2

ESL offers eligible buyers who have 20% of the purchase price2 and a 700+ verified credit score the option to write their contract free of a mortgage contingency. ESL will provide a cash guarantee2 that will ensure funds at closing. A cash guarantee for eligible homebuyers provides a competitive advantage that can help secure a new home.

When you work with ESL, our team of Mortgage Originators will work with you to help identify mortgage solutions and what options may be available to each individual homebuyer based on their unique circumstances.

Homebuying Resources

Here are some handy tools to guide you through the mortgage process:

1: Qualification for the Owners’ Dividend is subject to eligibility requirements. VA Loan is not eligible for the Owners’ Dividend. Payment of a Dividend is not guaranteed.

2: A 20% deposit is required for this program. Buyer agrees that in the event they default under the Cash Guarantee Agreement and/or the Residential Contract of Sale, ESL Federal Credit Union has the right to acquire the property and use the deposit for its costs and expenses in purchasing and reselling the property. If the value of the property, as determined by an appraisal is less than the accepted purchase price, buyer is solely responsible for paying the difference between the purchase price and the new mortgage amount resulting from the appraisal.

Only available in the state of New York and the ESL 10 County Lending area. Buyer must meet eligibility requirements. Cannot be used in conjunction with any other grants or discounted programs. Membership subject to eligibility. ESL is a registered service mark of ESL Federal Credit Union.