Steps to get an ESL Mortgage

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.

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

Here's how:

• Fill out an application online. Feel free to contact a helpful member of our Mortgage Team for assistance during the online application.
• Call 585.336.1502 or 800.352.6669 x1502, to speak with a helpful member of our Mortgage Team.

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.

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.

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.

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.

• Find a map and parking instructions
• Get directions to ESL

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.

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.