Elements Financial Federal Credit Union Mortgage Rates, Fees & InfoIndianapolis, IN
Tax ID: 35-6022541
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewElements Financial Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Elements Financial 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: Indianapolis, Bloomington, Lafayette, Terre Haute, and Chicago among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)
Elements Financial Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Elements Financial 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.
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|Simulated Rate||Simulation Date|
|Home Equity Line of Credit (HELOC)||6.27%||9/25/23|
|30 Year Conventional Purchase||6.52%||9/25/23|
|30 Year Conventional Refi||6.33%||9/25/23|
|30 Year Cash-out Refi||6.51%||9/25/23|
|30 Year FHA Purchase||7.48%||9/25/23|
|30 Year FHA Refi||6.61%||9/25/23|
|30 Year VA Purchase||6.30%||9/25/23|
|30 Year VA Refi||6.27%||9/25/23|
|15 Year Conventional Purchase||6.07%||9/25/23|
|15 Year Conventional Refi||6.10%||9/25/23|
|15 Year Cash-out Refi||6.10%||9/25/23|
|15 Year VA Refi||5.68%||9/25/23|
|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.|
Elements Financial Federal Credit Union Mortgage Calculator
Your EstimatesEstimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Elements Financial Federal Credit Union. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$476,705,000
Elements Financial Federal Credit Union - 2022
Elements Financial Federal Credit Union is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Elements Financial Federal Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.18%.
Relative Fees (Closing Costs)
Elements Financial Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,522.
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.
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|
|INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)||1,599||$339,905,000||$212,573||$3,003||3.55%|
|Outside of Metro Areas||450||$113,240,000||$251,644||$4,183||3.16%|
|BLOOMINGTON, IN (FHA|USDA|VA)||19||$6,735,000||$354,474||$2,791||3.83%|
|LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA)||28||$4,930,000||$176,071||$2,729||3.46%|
|TERRE HAUTE, IN (FHA|USDA|VA)||15||$2,035,000||$135,667||$2,073||3.91%|
|Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)||8||$1,660,000||$207,500||$3,111||3.07%|
|Seymour, IN (FHA|USDA|VA)||3||$875,000||$291,667||$2,667||3.50%|
|MUNCIE, IN (FHA|USDA|VA)||5||$745,000||$149,000||$2,109||3.65%|
|FORT WAYNE, IN (FHA|USDA|VA)||5||$615,000||$123,000||$2,629||2.87%|
|New Castle, IN (FHA|USDA|VA)||5||$605,000||$121,000||$4,511||3.07%|
|Crawfordsville, IN (FHA|USDA|VA)||4||$600,000||$150,000||$6,679||2.96%|
|Bedford, IN (FHA|USDA|VA)||1||$565,000||$565,000||$4,773||3.25%|
|ELKHART-GOSHEN, IN (FHA|USDA|VA)||3||$525,000||$175,000||$863||4.83%|
|Kendallville, IN (FHA|USDA|VA)||1||$435,000||$435,000||$2,590||5.13%|
|LOUISVILLE, KY (FHA|USDA|VA)||4||$420,000||$105,000||$1,672||3.31%|
|Richmond, IN (FHA|USDA|VA)||2||$330,000||$165,000||$2,365||3.81%|
|SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA)||2||$330,000||$165,000||$2,733||5.50%|
|Frankfort, IN (FHA|USDA|VA)||4||$290,000||$72,500||$1,752||2.96%|
|Marion, IN (FHA|USDA|VA)||2||$270,000||$135,000||$2,167||3.06%|
|Warsaw, IN (FHA|USDA|VA)||2||$210,000||$105,000||$0||1.99%|
|COLUMBUS, IN (FHA|USDA|VA)||3||$195,000||$65,000||$2,704||2.54%|
|EVANSVILLE, IN-KY (FHA|USDA|VA)||2||$190,000||$95,000||$1,890||5.50%|
|CINCINNATI, OH-KY-IN (FHA|USDA|VA)||3||$185,000||$61,667||$578||3.24%|
|Plymouth, IN (FHA|USDA|VA)||1||$175,000||$175,000||$1,823||6.25%|
|Greensburg, IN (FHA|USDA|VA)||2||$170,000||$85,000||$3,976||3.62%|
|Angola, IN (FHA|USDA|VA)||1||$165,000||$165,000||$2,614||3.38%|
|North Vernon, IN (FHA|USDA|VA)||1||$85,000||$85,000||$0||2.99%|
|Jasper, IN (FHA|USDA|VA)||1||$75,000||$75,000||$0||6.25%|
|KOKOMO, IN (FHA|USDA|VA)||1||$75,000||$75,000||$838||5.74%|
|Connersville, IN (FHA|USDA|VA)||1||$55,000||$55,000||$0||3.25%|
|Vincennes, IN (FHA|USDA|VA)||1||$15,000||$15,000||$914||6.99%|
We use machine learning to identify the top lenders compared against Elements Financial Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Elements Financial Federal Credit Union's most frequently originated type of loan was HELOC, with 1,218 originations. Their 2nd most popular type was Conventional, with 928 originations.
For 2022, Elements Financial Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 831 originations. The 2nd most popular reason was Home Improvement, with 625 originations.
For 2022, Elements Financial Federal Credit Union's most frequently cited loan duration was Other, with 1,227 originations. The 2nd most popular length was 30 Year, with 693 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Elements Financial Federal Credit Union's average total fees were $3,522, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 729 originations.
During 2022, Elements Financial Federal Credit Union's average interest rate for loans was 4.94%, while their most frequently originated rate bucket for loans was <2.5%, with 852 originations.
2022 saw Elements Financial Federal Credit Union place emphasis on $100,000 or less loans with 731 originations, totaling $41,975,000 in origination value.
Elements Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 550 originations. The second most popular income band? $150k-250k, with 540 originations.
Applicant Debt to Income Ratio
Elements Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 548 originations. The next most common DTI ratio? <20%, with 400 originations.
Approval RatesTotal approvals of all applications
Elements Financial Federal Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Elements Financial Federal Credit Union has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|