Esl Federal Credit Union Mortgage Rates, Fees & Info

Rochester, NY

LEI: 549300KUYF5QOROM7N37

Tax ID: 16-1490324

5 stars - out of 5 stars, based on 80 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Esl Federal Credit Union is a smaller credit union specializing in Other, Refi, and Home Purchase loans. Esl Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Rochester, Batavia, Seneca Falls, Corning, and Buffalo among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Esl Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Esl Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 3/24/23
    30 Year Conventional Purchase 6.60% 3/24/23
    30 Year Conventional Refi 6.36% 3/24/23
    30 Year Cash-out Refi 6.56% 3/24/23
    30 Year FHA Purchase 7.64% 3/24/23
    30 Year FHA Refi 6.27% 3/24/23
    30 Year VA Purchase 6.06% 3/24/23
    15 Year Conventional Purchase 6.23% 3/24/23
    15 Year Conventional Refi 5.99% 3/24/23
    15 Year Cash-out Refi 5.99% 3/24/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    6,358

    Origination Dollar Volume (All Markets)

    $629,890,000
    Show all (7) awards

    Relative Rate

    Esl Federal Credit Union's average 30 year fixed mortgage rate was 4.93%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.17%.

    Relative Fees (Closing Costs)

    Esl Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,665.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    ROCHESTER, NY (FHA|USDA|VA) 6,056 $606,230,000 $100,104 $1,545 4.50%
    Batavia, NY (FHA|USDA|VA) 206 $15,910,000 $77,233 $1,630 4.52%
    Outside of Metro Areas 44 $3,130,000 $71,136 $654 4.13%
    Seneca Falls, NY (FHA|USDA|VA) 23 $2,485,000 $108,043 $1,076 4.95%
    Corning, NY (FHA|USDA|VA) 28 $2,030,000 $72,500 $1,343 4.32%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.45%
    Esl Federal Credit Union's top markets include Rochester, Batavia, Seneca Falls, Corning, and Buffalo among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against ESL Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Pittsford Federal Credit Union
    Similarity Rank: 39
    FIRST HERITAGE FEDERAL CREDIT UNION
    Similarity Rank: 60
    Elmira Savings Bank
    Similarity Rank: 165
    ESL Federal Credit Union
    Similarity Rank: 216
    VISIONS
    Similarity Rank: 220
    RELIANT COMMUNITY FEDERAL CREDIT UNION
    Similarity Rank: 405
    FAMILY FIRST OF NY
    Similarity Rank: 477
    THE SUMMIT Federal Credit Union
    Similarity Rank: 518
    OWNERSCHOICE FUNDING, INCORPORATED
    Similarity Rank: 559
    Five Star Bank
    Similarity Rank: 935

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 4,134 $354,120,000 $85,660 n/a 4.22%
    Conventional 2,151 $265,445,000 $123,405 $1,390 5.01%
    FHA 70 $9,830,000 $140,429 $5,895 4.78%
    VA 3 $495,000 $165,000 $5,994 4.71%

    For 2022, Esl Federal Credit Union's most frequently originated type of loan was HELOC, with 4,134 originations. Their 2nd most popular type was Conventional, with 2,151 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 2,336 $184,770,000 $79,097 $0 4.71%
    Home Improvement 1,515 $96,235,000 $63,521 $0 4.51%
    Refi 1,459 $149,485,000 $102,457 $433 4.14%
    Home Purchase 733 $136,595,000 $186,351 $3,382 4.69%
    Cash Out Refi 314 $62,790,000 $199,968 $3,087 4.01%
    NA 1 $15,000 $15,000 $540 0.00%

    For 2022, Esl Federal Credit Union's most frequently cited loan purpose was Other, with 2,336 originations. The 2nd most popular reason was Home Improvement, with 1,515 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 4,225 $396,235,000 $93,783 $31 4.24%
    30 Year 720 $124,220,000 $172,528 $3,665 4.93%
    15 Year 440 $45,250,000 $102,841 $1,073 4.52%
    20 Year 419 $39,305,000 $93,807 $436 5.75%
    10 Year 344 $19,230,000 $55,901 $156 5.34%
    5 Year 210 $5,650,000 $26,905 $188 4.06%

    For 2022, Esl Federal Credit Union's most frequently cited loan duration was Other, with 4,225 originations. The 2nd most popular length was 30 Year, with 720 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,245 $78,525,000 $63,072
    $1k-2k 696 $109,470,000 $157,284
    $2k-3k 176 $30,430,000 $172,898
    $3k-4k 38 $8,810,000 $231,842
    $4k-5k 15 $3,935,000 $262,333
    $5k+ 6 $2,190,000 $365,000

    Esl Federal Credit Union's average total fees were $3,665, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,245 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,846 $179,930,000 $97,470
    <2.5% 1,335 $100,405,000 $75,210
    5-6% 1,261 $131,715,000 $104,453
    6-7% 628 $54,620,000 $86,975
    4-5% 612 $66,970,000 $109,428
    7-8% 410 $35,800,000 $87,317
    2.5-3% 167 $18,245,000 $109,251
    Over 8% 55 $2,905,000 $52,818

    During 2022, Esl Federal Credit Union's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 3-4%, with 1,846 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 4,007 $198,025,000 $49,420 $467 4.47%
    $100k-200k 1,777 $240,845,000 $135,535 $2,488 4.51%
    $200k-400k 522 $131,880,000 $252,644 $3,567 4.59%
    $400k-600k 37 $16,795,000 $453,919 $4,812 4.86%
    $600k-1MM 10 $6,910,000 $691,000 $6,012 4.58%
    $1MM+ 5 $35,435,000 $7,087,000 $0 0.00%

    2022 saw Esl Federal Credit Union place emphasis on $100,000 or less loans with 4,007 originations, totaling $198,025,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,629 $131,395,000 $80,660 $1,633 4.47%
    $100k-150k 1,336 $132,520,000 $99,192 $1,480 4.55%
    $75k-100k 1,182 $107,710,000 $91,125 $1,587 4.52%
    $50k or less 1,085 $71,735,000 $66,115 $1,378 4.36%
    $150k-250k 817 $100,295,000 $122,760 $1,480 4.63%
    $250k+ 225 $42,005,000 $186,689 $2,884 4.49%

    Esl Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,629 originations. The second most popular income band? $100k-150k, with 1,336 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,532 $142,620,000 $93,094 $1,520 4.40%
    <20% 1,045 $94,965,000 $90,876 $899 3.92%
    30-36% 1,042 $98,830,000 $94,846 $1,731 4.61%
    49% 411 $35,705,000 $86,873 $1,045 4.93%
    48% 211 $19,855,000 $94,100 $1,048 4.76%
    37% 197 $19,735,000 $100,178 $1,795 4.62%
    44% 195 $19,255,000 $98,744 $1,557 4.62%
    45% 185 $17,645,000 $95,378 $1,848 4.69%
    46% 176 $14,780,000 $83,977 $1,256 4.80%
    36% 175 $15,855,000 $90,600 $1,518 4.48%
    42% 173 $16,665,000 $96,329 $1,895 4.63%
    41% 168 $17,070,000 $101,607 $1,529 4.89%
    40% 168 $14,820,000 $88,214 $1,663 4.70%
    39% 161 $15,795,000 $98,106 $1,931 4.58%
    38% 158 $15,840,000 $100,253 $1,836 4.72%
    47% 154 $13,120,000 $85,195 $1,453 4.71%
    43% 136 $13,210,000 $97,132 $1,812 4.73%
    50-60% 54 $5,150,000 $95,370 $4,550 4.26%

    Esl Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,532 originations. The next most common DTI ratio? <20%, with 1,045 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 5,369 $503,495,000 $93,778 $1,497 4.49%
    Not provided 489 $49,855,000 $101,953 $1,772 4.44%
    Not applicable 15 $38,485,000 $2,565,667 $0 0.00%
    Black 374 $26,030,000 $69,599 $1,717 4.57%
    Asian 84 $9,840,000 $117,143 $1,973 4.31%
    American Indian 18 $1,350,000 $75,000 $455 5.09%
    Native Hawaiian or Islander 8 $760,000 $95,000 $3,495 5.48%
    Korean 1 $75,000 $75,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    85.92%

    Esl Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.09%

    Esl Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 6,358 $629,890,000 $99,070

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    6,358 $629,890,000 $99,070

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,931 $140,385,000 $72,701 $291 4.53%
    40-60% 1,020 $129,630,000 $127,088 $1,383 4.44%
    60-80% 888 $177,000,000 $199,324 $2,489 4.39%
    80-100% 702 $122,870,000 $175,028 $3,575 4.82%
    Under 20% 1,817 $60,005,000 $33,024 $72 4.41%