Skip To Content


It’s a big decision. And it’s based on a thoughtful analysis of a number of factors. But if you think through all the issues and understand exactly what you’re trying to accomplish, you’ll be ready to answer the ultimate question: Will refinancing your mortgage help you achieve your goals?

Rates. Closing costs. Short-term expenses. Long-term gains. Let’s face it: There are a lot of financial factors to consider when you’re thinking about refinancing a mortgage. That’s why we prepared this quick reference. It will help you understand the big issues, consider your options, and decide whether it makes sense for you to refinance.

  • Why Refinance

    Refinancing is a popular option for many homeowners today. 

    Why? It’s simple. 

    In the right circumstances it can help you:

    • Lower your current mortgage interest rate or your monthly payment
    • Reduce the term of your mortgage, which is the amount of time it takes to pay off your loan
    • Use some of the equity in your home for renovations, college tuition, or other important purposes
    • Establish a fixed monthly principal and interest payment by switching from an adjustable-rate mortgage to a fixed-rate loan

    That’s why it’s so important to clearly understand what you’re trying to accomplish before you make any decision.

    After all, there are a lot of refinancing options available. So it’s important to find the one that makes the most sense for you.

  • The ESL Edge

    You’re a well-informed consumer. So you know there are a lot of financial institutions that can help you refinance your mortgage.

    But if you’re looking for straightforward information, outstanding personal service, and a wide range of affordable mortgage solutions, there are some compelling reasons to come to ESL.

    Work with a local financial services leader. Our organization – including our outstanding Mortgage Team – is based right here in Greater Rochester. We make all our decisions here. And we also provide the guidance, service, and support you need right here in our community where we live and work. 

    Choose from a variety of great mortgage and refinancing solutions. Whether you want to lower your rate, shorten your term, or access additional cash, we’ll help you find an affordable way to achieve your goals.

    Simplify the process with our award-winning service. From your initial questions to your closing and beyond, you’ll get outstanding personal service from ESL. It’s one of the reasons why we’ve won the Democrat & Chronicle Rochester’s Choice award in the Bank and Trust category every year since 2002. 

    Save by refinancing with ESL. If you already have an ESL mortgage on your home, you can refinance your loan with reduced costs. Consider it further proof of our commitment to our customers.

    Bottom line? Before you make a decision about refinancing, make sure you talk with the mortgage experts at ESL, the local financial services leader that answers to you.

  • Next Steps

    At ESL, we work hard to make the mortgage and refinancing process as easy as possible for you. 

    That’s why we provide straightforward information and answers, outstanding personal service, and a helpful guide to the five key steps involved:

    • Evaluate Solutions
    • Apply
    • Approval
    • Closing Process
    • After Closing Support

    For all the details, read Steps to get an ESL Mortgage

    Costs & Benefits

    Refinancing is a popular option for homeowners today, thanks to the potential financial benefits.  Before you make your decision about refinancing, it’s important to understand the costs and financial benefits involved. Then you can clearly see whether or not a refinanced mortgage makes sense for you.

    Consider These Costs:

    • Closing costs on your new mortgage loan. You may be able to include closing costs in your mortgage. Ask your ESL mortgage expert how this will impact your payments and overall loan amount.
    • How the term of your mortgage impacts your monthly cost. If you choose a longer term for your new mortgage, you may be able to lower your monthly payments. But that also means you’ll be paying off your loan over a longer time frame which can add to the total cost of your refinanced mortgage. Your ESL mortgage expert can help you determine what’s right for you.

    Assess the Financial Benefits:

    • Savings from a lower mortgage interest rate. If you get a lower rate with your refinanced mortgage, you may be able to save a substantial amount over the life of your refinanced mortgage.
    • Savings from a shorter mortgage term. If you pay off your refinanced mortgage sooner than you would have paid off your original mortgage, you will be able to eliminate mortgage payments from your monthly budget at an earlier date. And that can be a smart financial move to make before retirement or other major life changes.

    Find your “break-even point”

    To find out whether it makes sense to refinance your mortgage, it’s important to calculate all the costs and benefits involved. Then you can determine your break-even point.

    That’s the point in time when you will begin to benefit financially from a refinanced mortgage.

    Let us help you make a sound decision

    Setting clear goals. Understanding all the costs and expenses. Calculating the financial benefits. Determining your break-even point… 

    It’s all part of the process of making a well-informed financial decision about refinancing. 

    And we can help you every step of the way. So contact our Mortgage Team today. We’ll answer your questions, help you find the right mortgage option, and go out of our way to streamline the process from beginning to end.

  • More Information

    Below are handy tools that guide you through the refinancing process:

    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. 

    We look forward to helping you achieve your goals with an affordable refinancing solution from ESL.



We have answers.