Welcome to the Elmira Savings Bank rates page. Complete your online mortgage application today!
Please contact a Mortgage Originator for more information regarding product descriptions and qualifications.
Current posted rates are in effect as of 1/27/2020 11:29 AM Eastern Time.
Rates are subject to change without notice.
"Points" displayed above with a positive (+) number means you will need to pay an extra fee to obtain this rate. Points with a negative (-) means you will receive a credit from Elmira Savings Bank. Example: $100,000 loan amount with .25 points means it will cost an extra $250 to obtain this interest rate OR $100,000 loan amount with -.375 points means that you will receive a credit of $375 to obtain this interest rate.
The monthly payment examples for Conventional, FHA, USDA, VA, First Time Home Buyers, SONYMA (NY Only), Fixed Rate Mortgage Products, and Adjustable Rate Mortgage Products assume a mortgage amount of $120,000 and reflect the principle and interest only and do not include taxes or hazard insurance. Your monthly payment may be higher.
The monthly payment examples for JUMBO (30, 15, and 10 year) Mortgage Products assume a mortgage amount of $500,000 and reflect the principle and interest only and do not include taxes or hazard insurance. Your monthly payment may be higher.
Other factors: Single Family Home, 740+ FICO, New York Property, 80% CLTV, Purchase Transaction, No Mortgage Insurance.
§ Information displayed is accurate as of the date of the latest update and is subject to change without notice. Loan pricing can only be locked through a mortgage originator. Other restrictions may apply.
§ Due to various federal, state and local requirements, certain products may not be available in all lending areas.
§ The monthly payment amount displayed includes principal and interest. It does not include mortgage insurance. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. The payment amount does not include homeowner's insurance or property taxes which must be paid in addition to your loan payment.
§ The displayed Annual Percentage Rate (APR) for the loan products shown reflects the interest rate and applicable closing costs.
§ Mortgage interest rates shown are based on a 55-day rate lock period. Under certain circumstances, a 55-day rate lock may not be available.
§ These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.
§ THE ESTIMATED TOTAL CLOSING COSTS ABOVE DO NOT CONSTITUTE AND ARE NOT A SUBSTITUTE FOR THE LOAN ESTIMATE (LE) OF CLOSING COSTS THAT YOU WILL RECEIVE ONCE YOU APPLY FOR A LOAN. The amounts provided above for Estimated Total Closing Costs, are estimations based on the state selected. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs.
Adjustable Rate Mortgages (ARMs):
§ Interest rates and payments may increase after consummation. After the initial fixed period, your interest rate can change annually according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the First Adjusted Rate and Payments displayed are based on the current index plus the margin (fully indexed rate) at time of scenario/disclosure.
§ For conforming and jumbo ARM interest rates, at adjustment your new mortgage rate will be the average of the Interbank offered rates for one-year, U.S. dollar-denominated deposits in the 1 Year Treasury Bill as published in The Wall Street Journal, plus a margin of 2.75% subject to annual and lifetime adjustment caps.
Federal Housing Administration (FHA):
§ FHA loans require both an upfront and in most cases, an annual mortgage insurance premium. The premium varies based on the individual loan characteristics. In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs. For illustrative purposes on FHA loans, our loan detail results do not include an estimated mortgage insurance payment added to the monthly principal and interest payment.
Elmira Savings Bank uses a system of risk-based pricing to determine the interest rate and discount points that we charge. This disclosure explains the basics of risk-based pricing and gives you notice of our practices and procedures in determining the interest rate and costs for your mortgage loan.
Risk Based Pricing:
§ Risk-based pricing is a system that evaluates the risk factors of your mortgage application and credit profile and adjusts the interest rate and discount points up or down based on this risk evaluation.
What Factors Can Affect My Loan Pricing?
§ Various factors interact to adjust your loan pricing. The major factors include:
o Credit Profile. We will obtain a credit report that shows the amount of debt you have outstanding and how you have historically paid on your debt and obligations. The credit report will also contain a "credit score" that ranks your credit history. Credit scores look at five main kinds of credit information, namely: payment history; amount owed; length of credit history; new credit; and types of credit in use. Generally, if you have had any history of nonpayment or late payments on any loans or debt, this may lower your credit score and increase your interest rate and costs. People with high credit scores consistently: pay their debts on time, keep balances low on credit cards and other revolving loans; and apply for and open new credit accounts only as needed.
o Property. The type of property you are mortgaging also impacts your loan pricing. For example, investment property, condominiums or multifamily housing are usually considered to have a higher risk to lenders than single-family detached homes. The value of the property (usually determined by an appraisal) as compared to the amount you wish to borrow (the "loan-to-value ratio" or "LTV") also impacts your loan price. The higher the LTV, the higher the interest rate and costs. LTV’s over 80% also usually require mortgage insurance. The price of mortgage insurance may vary based on your credit profile.
o Income/Debt. The amount of your mortgage payments and total debt payments as compared to your income, ("debt-to-income ratios") may also impact your loan cost. The higher your debt-to-income ratio, the higher our risk, and so the higher the interest rate and fees.
o Other Factors. Other factors may also affect our risk, and your interest rate and origination charge. These factors include, but are not limited to: previous bankruptcies, foreclosures or unpaid judgments; and the type of loan product applied for, such as adjustable rate versus fixed rate, or cash out refinance versus rate and term refinance.
How And When Is My Price Determined?
§ Your price is determined by evaluating all the risk factors that are involved in your loan, and determining where you fit into our risk/price range.
§ Elmira Savings Bank will give you an estimate of your risk-based pricing after we have done an initial evaluation of your credit history and a review of your proposed property.
§ REMEMBER, however, that your risk-based pricing may change from this initial estimate if any of the risk factors discussed above change – for example, if the appraised value of the property is determined to be different than the value used for your initial estimate or if your credit profile changes between the time of the initial estimate and closing.
§ If you choose to "lock" a rate range prior to the final risk assessment, you will be locked for the interest rate range available at that time. Your actual price will be established based on where your final risk level fits into that particular interest rate range. Your final risk level is determined at time of closing, when there are no further changes to your credit profile or loan factors.
Is There a Way to Obtain a Lower Price?
§ If you are not in the lowest price bracket available, you may be able to obtain a lower price if you are able to lower our risk. You may accomplish this in various ways, such as: by putting more money down and lowering the LTV; finding a co-signer with additional income to support the loan; clearing inaccurate items on your credit report; paying off other debt to lower your debt-to-income ratio; changing from a cash-out refinance to rate and term refinance; or changing the term on the loan.