Fixed-Rate Mortgage

This traditional type of loan maintains its original interest rate throughout the life of the loan. So even if there are fluctuations in market rates over the term of your loan, your interest rate will not be impacted because your rate is already "fixed." Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time. A fixed-rate mortgage may be a good choice for you if you plan to stay in this home for several years. If you choose a longer-term loan, you can plan for lower monthly payments. This type also helps you plan your monthly budget because the interest rate will not fluctuate.

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Take a look at this chart to compare the mortgage options. This can help you best match your situation.

Yes! When you refinance your home, you actually pay off your existing mortgage and replace it with a new one. You might do this to get a lower interest rate or to shorten the term of your mortgage. Perhaps your current financial situation would make it good for you to switch from an adjustable-rate mortgage to a fixed rate as described on this page. You can learn more about refinancing your mortgage with Elements.

Fixed Rates effective as of December 20, 2024.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. 

Third Party Fees

Third party fees are ones that we collect and pass on to the person who actually performed the service. These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. Your Elements Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.

Taxes and Other Unavoidable Costs

These fees include state/local taxes and recording fees and will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. It is possible that a lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs. 

Lender Fees

Lender fees such as points, document-preparation fees, and loan-processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision. Elements charges a standard $995 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Call us at 1-800-561-9433 to see if you can be preapproved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a mortgage, and to see how much of a loan you can afford. The preapproval will also give you some leverage when negotiating with the sellers.

Get Preapproved

Yes! Our First-Time Homebuyer Program allows you to purchase a new home with as little as 5% down with no Private Mortgage Insurance (PMI). The loans can be up to $450,000, and it’s okay if your down payment was gifted to you. We will also be there to give you guidance at each step through the process.

We also have other programs that are available with even lower down payment terms such as FHA, VA, and USDA loans. For more information, call us at 1-800-561-9433.

First-Time Homebuyer Program

Your monthly mortgage payment is made up of four components: principal, interest, property taxes, and homeowner’s insurance (referred to as "PITI"). 

Principal and Interest

Principal and interest are based on the loan amount, interest rate, and term (amortization) of your loan. 

Property Taxes

Property taxes are assessed annually. The amount of your taxes is divided by 12 months in order to determine how much will be collected from you as part of your monthly payment.

Insurance

Homeowner’s Insurance is also paid annually. The amount of your annual premium is divided by 12 months as well. 

Private Mortgage Insurance (PMI) can also be a component of your monthly mortgage payment. This is insurance that the lender obtains to protect them against any loss if you stop making payments on your loan. PMI is typically required on Conventional loans if you do not put at least 20% down on a purchase or have 20% or more equity in your property on a refinance.

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Getting Started

You can apply online in 15-20 minutes! Submit your application anytime. Or call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home. 

Gathering Documentation

We’ll contact you within one business day after you submit your application to review documentation that we'll need from you. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, your Elements Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work. 

Closing

Once your loan has received final approval, your closing will be scheduled at a location convenient for you. That's it — your mortgage is complete! Application to closing takes an average of 30 days. 

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We work with partners in our industry to best serve your home loan needs. Since 2017, Elements Financial began an alliance with Dovenmuehle Mortgage, Inc. (DMI) to provide servicing for the mortgage loans directly held by our credit union. DMI is known in the industry for professional service and convenient technology as one of the leading mortgage servicers in the U.S. They allow us to provide the following member benefits:

• Access to online mortgage tax forms;
• Expanded general mortgage information online and within your monthly statement, such as escrow details;
• Continued 24-hour online access to your account and call center support.

The alliance with DMI has no impact on the terms of your mortgage. Your loan is still owned by Elements in cases where DMI provides the servicing.

Like a Bank, Only Better!

Personal Mortgage Guidance

Buying a home can be a bit overwhelming. But don’t worry. We’ll be with you every step of the way to guide you through the mortgage process, from pre-approval all the way to closing. You’ll have your personal mortgage expert’s cell phone number, so you can get all your questions answered very quickly. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator⁶ to guide you through the entire mortgage process.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 5% of credit unions nationally⁷. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

3 Easy Steps to Apply

1. Apply online - Do this online whenever you have 15-20 minutes to spare. Or call 1-800-561-9433 to get started.
2. Take our call -We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
3. Schedule your closing -We'll stay in touch with you throughout the mortgage process. Then, if you're approved, we'll schedule your closing at a location convenient for you.

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