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Steps to get an ESL Mortgage

Sometimes getting a mortgage can seem challenging and complex. That’s why we go out of our way to give you all the information, advice, and assistance you need. So you can choose an affordable mortgage that makes you feel right at home.

Steps to Get an ESL Mortgage

Whether you want to buy a new home or refinance your current mortgage, there are five basic steps in the mortgage process when you come to ESL. So read this quick overview. Then you’ll know what you need to do to choose an affordable mortgage … fill out your application … and complete your closing.

As you’ll soon discover, this information will help you make the entire mortgage process run as smoothly as possible from beginning to end.

Evaluate Mortgage Solutions Apply for a Mortgage Mortgage Approval Mortgage Closing Process After Closing Steps

  • Evaluate Solutions

    When it comes to mortgages, there’s more than one loan that can help you buy a home or refinance your home loan. That’s why the first step in the mortgage process is exploring and evaluating all of your options.

    Ready to Get Off to a Fast Start?

    At ESL, we have some great resources that will help you find an affordable mortgage that’s right for you.

    • Check out ESL Mortgage Solutions. You’ll find fixed-rate and adjustable-rate mortgages, mortgages with low down payment options, and more.
    • Contact our Mortgage Originators at 585.336.1502 or 800.352.6669, x1502. We’ll answer your questions. We’ll help you weigh the pros and cons of different options. We’ll also go out of our way to make the complex world of mortgages easy to understand.

    How to Prepare

    Whether you want to buy a new home or reduce your current mortgage payments through refinancing, we’ll want to discuss your goals, your budget, and your credit history.

    That’s why you should have the following information available when you contact us:

    • The income for all borrowers - your W2s and tax returns will provide the information you need
    • Your current monthly expenses - Write down your monthly expenses like rent, mortgage, utilities, credit cards, average spending, and more
    • An estimate of the funds you have available for a down payment, closing costs, taxes, and other costs

    If you would like information about documenting your income and expenses, check out our budgeting tips and tools.

    With help from ESL, you’ll be able to choose an affordable mortgage solution. Then you’ll be ready to apply, which is Step #2.

  • Apply

    Once you’ve evaluated your options and made your mortgage selection, it’s time to apply for your mortgage.

    Here's how:

    • Call our Mortgage Originators at 585.336.1502 or 800.352.6669, x1502. We’ll help you complete your application right over the phone.
      • Since the process can be complicated, many of our members prefer this option because it comes with award-winning personal service and support from ESL.

    Having all the necessary information to complete the application process will make the process go smoothly and efficiently.

    How Long Will it Take?

    • Once you decide which mortgage solution is right for you, it only takes about 30 minutes to complete your application over the phone with help from our Mortgage Originators

    Once you’ve completed your application, it’s time for Step #3…the approval process.

  • Approval

    A mortgage is a big financial commitment. That’s why so much information and documentation are required before a loan is approved.

    But here’s something you’ll appreciate. At ESL, you’ll work directly with an experienced ESL Processor who will guide you through the approval process.

    What Documents Are Required?

    Verification of employment and income for each borrower for the past 24 months:

    • Pay stubs from each current employer
    • Prior year W2s and 1099s
    • Benefit award letters
    • Other documents based on the source of your income

    Verification of funds needed for approval and closing:

    • Complete account statements for the past two months
    • Proof you can obtain funds from any retirement accounts involved
    • Contract or listing agreement for the sale of your current home
    • Evidence of gifts from family members that will be used to cover your costs

    Verification of obligations not documented on a credit report:

    • Alimony
    • Child support
    • Private loans

    Explanations for any unusual activity related to your income, assets, or credit history.

    Please remember that this list is only an example. Other documents may be required.

    How Long Does it Take to Get Approved?

    Before we can approve a mortgage application, we have to make sure that we have all the required documentation. We also need to schedule an appointment with an appraiser to view the property and get the appraiser’s completed report.

    Once those steps are completed, the process moves quickly. Approvals usually take only 2-3 business days.

    What Can Delay the Process?

    There are a number of factors that can slow down the approval process:

    • Required documents aren’t immediately available
    • Requested documents aren’t provided to us in a timely manner
    • The property owner does not give the appraiser access to the property in a timely manner
    • There are discrepancies between your stated income and the total income calculated from the documents provided
    • There are discrepancies between the estimated property value and the appraiser’s determination of fair market value
    • Repairs are needed to bring the condition of the property up to an acceptable level

    If you run into a problem that causes a delay, your ESL Processor will work closely with you to try to resolve it.

    After that, you’ll be ready for the most important step of all … your closing.

  • Closing Process

    Once your ESL mortgage has been approved, your ESL Closing Representative will work with you, your attorney, and the sellers’ attorney to finalize the settlement and schedule your closing date.

    Here are some of the keys to a successful closing.

    Title Search and Review

    During the closing process, a Title Search and Review will need to be completed before your mortgage is finalized. A Title Search and Review includes:

    • A thorough review of all public records related to the property
    • A thorough review of the title to protect all stakeholders from any restrictions regarding the complete ownership history of the property

    Other Required Documents

    In addition to the title search and review, the following documents are required to finalize your mortgage:

    • Documents related to conditions described in the commitment letter. These documents may include payoff letters or account statements required to satisfy a closing condition.
    • Proof of Homeowner’s Insurance. You or your insurance agency will need to provide this important document to ESL.

    Scheduling Your Closing Day

    Once all the required information has been provided, it will take a minimum of three business days to prepare all of the closing documents. Then you’ll be ready to schedule the official closing.

    • If you’re purchasing a new home, your ESL Closing Representative will work with your attorney and the seller’s attorney to schedule a closing date
    • If you’re refinancing your current home, your ESL Closing Representative will make a closing appointment for you

    The Location for Your Closing

    Your closing will take place at ESL headquarters at 225 Chestnut Street, Rochester, NY 14604. Free parking is available.

    What to Bring to Your Closing

    You may need to bring funds to complete your closing. If so, your ESL Closing Representative will let you know exactly what’s required.

    You also will need to bring valid photo identification for all borrowers and titleholders. Acceptable forms of photo identification include:

    • Driver’s License
    • Passport
    • Non-Driver State-Issued ID

    Who Needs to Attend

    If you’re getting a mortgage to purchase a home, your closing requires the attendance of:

    • Buyers’ attorney or their representative(s)
    • Sellers’ attorney
    • All borrowers or titleholders

    If you’re refinancing your mortgage, your closing requires the attendance of:

    • All borrowers and titleholders
    • Your attorney (if you choose to have one present)

    Please remember that having your own attorney present at the closing of a refinanced mortgage is optional. In addition, you will be responsible for any legal costs associated with having an attorney attend the closing.

    A Quick Look at a Mortgage Closing

    Here’s what happens if you’re purchasing a home:

    • You, your attorney, the seller's attorney, and your ESL Closing Representative meet at ESL
    • Legal documents are signed, including the ESL mortgage and note
    • Sales proceeds are distributed to the sellers’ attorney
    • Closing costs are collected
    • Copies of all signed documents are provided for future reference
    • The sellers’ attorney or the sellers hand over the keys to your new home

    What happens next? You can start moving into your new home.

    Here’s what happens if you’re refinancing your current mortgage:

    • You and your ESL Closing Representative meet at ESL
    • If you have retained an attorney for your closing, your attorney will also attend the meeting
    • Legal documents are signed, including the ESL mortgage and note
    • Copies of all signed documents are provided for future reference

    The next step? You’ll be ready to enjoy the benefits of your new, refinanced ESL mortgage.

  • After Closing

    OK. You’ve made it to the finish line of the mortgage or refinancing process. And now you can focus on the next big thing on your agenda.

    In the meantime, you can count on getting fast answers and outstanding personal service for your new mortgage from your ESL Loan Service Representative.

    It’s all part of our effort to answer to you.