NEIGHBORHOOD DEVELOPMENT

Home ownership in a neighborhood of your choice is the “American Dream.”

We have a variety of Neighborhood Development Programs that are designed to increase the affordability of home ownership. We offer below market, fixed rate, 30 year mortgage loans to low-moderate income households and the same loans are available in certain, qualifying census tracts. By working hand in hand with various community-based housing partners, we can assist qualified borrowers with their down payment and closing costs.

Any questions or to arrange a meeting time to suit your needs, please contact us.

Selecting the Best Mortgage Loan Product for You.

1. Remember to look at the whole package. Mortgages are not just interest rates. Points and closing costs are also part of the transaction and greatly affect your cash required for closing. Sometimes it is less expensive to pay a slightly higher rate with zero points than the lower interest rate with points.

2. Decide on the term of the mortgage you want. A short term mortgage (10 or 15 years) will give you a lower interest rate than a longer term loan; however, since the payments are spread over a shorter period the monthly payment will be higher. Longer loan terms (30 years) provide a slightly higher rate but by far the lowest monthly payment. A 20-year term is often a good compromise—but the final decision depends on your unique situation.

3. Do you want a fixed rate or an adjustable rate loan? Usually, in a low rate interest environment a fixed rate is the best choice since your rate is guaranteed for the complete loan term. In a high rate interest market an adjustable rate mortgage can make good sense, as one would anticipate rates to fall. Another factor to consider is how long you intend to stay in the property. If you only intend to live in the house for 7 years or less, or are frequently transferred with your job, an adjustable rate loan could be your best solution.

4. Are you building a new home or adding an addition? ESB bank has the area’s best products for new construction. We have a blanket mortgage product that can get you started on building that new home even before the old one is sold! And all of our construction loan programs have a one time closing and a rate locked-in at application.

5. Which product is best for you? Remember to compare the APR (annual percentage rate) of all the different mortgage packages. The APR is the “effective rate of interest” paid on an annual basis, including points and other charges, spread over the life of the loan.

6. Confused? Call 1-888-ESB-MORT and talk to an experienced loan officer who will be glad to help you determine the best mortgage loan product for you.

7. Click here to look at our “Great Rates” and Apply On-Line!

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