Sign In Search Menu EDUCATIONAL RESOURCES CUSTOMER SERVICE Educational Resources ABA# 222371863 Calculators Fees FAQs Forms Rates Business Support Educational Resources Life Events Videos Holiday Hours What to Know About a Home Equity Loan A Home Equity Loan allows you to borrow against the equity of your home. Interested in learning more? Here are four important benefits, plus key terms, to remember. Finance a Major Purchase A Home Equity Loan can help fund a home expansion or remodel and help with debt consolidation or even college costs. Equity: The difference between the current fair market value of the property and the amount still owed on the property. Refinance Your Mortgage You can refinance your mortgage with a Home Equity Loan, which features no closing costs1 and becomes the primary lien on your property. Closing costs: Expenses typically due at closing, including an appraisal fee, taxes, title searches, credit report charges, and other fees. Lien: A legal claim granted over an item or property to secure the payment of a debt. Simplify Budgeting and Planning In a rate-fluctuating environment, you'll have peace of mind with one consistent monthly payment at a fixed rate. You can pay it back over time with a variety of payment options. Fixed rate: A variable interested rate loan can change over the life of the loan, whereas a fixed rate will never change over the life of a loan. Borrow Up to 90% of Your Loan-to-Value You can borrow up to 90% of your LTV ratio, as determined by the property valuation or appraised value. LTV: Loan to Value, a lending assessment. The appraised value or property valuation vs. the total of the loan. Property valuation: The fair market value of a given property, though the actual price of the property may be higher or lower. Fair market value is the price agreed upon by a willing seller and a knowledgeable buyer. Appraised value: The value of the property, based on factors like location, condition, and recent sales of local properties. 1: Property insurance and flood insurance, if applicable, are required. ESL will pay all the closing costs and fees in connection with the opening of your account. However, if you close your account within the first 36 months of your account open date, you must reimburse us for the closing costs and fees paid in connection with opening your account. Definitions developed from www.consumerfinance.gov and www.entrepreneur.com. Learn more about Home Equity Loans by going to www.consumer.ftc.gov/articles/0227-home-equity-loans-and-credit-lines. QUICK REFERENCES CUSTOMER SERVICE RESOURCES & TOOLS ABA Routing # 222371863 DOWNLOAD OUR MOBILE APPS For Personal: Apple Personal Mobile App Android Personal Mobile App For Business: Apple Business Mobile App Android Business Mobile App CONNECT WITH US Facebook Instagram Twitter YouTube LinkedIn 225 Chestnut Street, Rochester NY 14604 Privacy Policy | Disclosures | Security ESL, TEL-E$L, and CheckOK are registered service marks of ESL Federal Credit Union. Membership is subject to eligibility. Secure Site Equal Housing Lender Federally insured by the NCUA