Elements Financial Federal Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300NZWZUYUWEOA562

Tax ID: 35-6022541

5 stars - out of 5 stars, based on 47 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

    Elements Financial Federal Credit Union is a smaller credit union specializing in 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.

    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% 3/31/23
    30 Year Conventional Purchase 6.52% 3/31/23
    30 Year Conventional Refi 6.33% 3/31/23
    30 Year Cash-out Refi 6.51% 3/31/23
    30 Year FHA Purchase 7.48% 3/31/23
    30 Year FHA Refi 6.61% 3/31/23
    30 Year VA Purchase 6.30% 3/31/23
    30 Year VA Refi 6.27% 3/31/23
    15 Year Conventional Purchase 6.07% 3/31/23
    15 Year Conventional Refi 6.10% 3/31/23
    15 Year Cash-out Refi 6.10% 3/31/23
    15 Year VA Refi 5.68% 3/31/23
    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

    2,179

    Origination Dollar Volume (All Markets)

    $476,705,000

    Awards

    Elements Financial Federal Credit Union FHA Loans bronze Elements Financial Federal Credit Union 30 Year Conventional Loans bronze
    Show all (2) awards

    Relative Rate

    Elements Financial Federal Credit Union's average 30 year fixed mortgage rate was 4.94%.

    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.

    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
    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/JEFFERSON COUNTY, KY-IN (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%
    Elements Financial Federal Credit Union's top markets include Indianapolis, Bloomington, Lafayette, Terre Haute, and Chicago among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

    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.

    Mutual Savings Bank
    Similarity Rank: 176
    The Riddell National Bank
    Similarity Rank: 378
    Independent Federal Credit Union
    Similarity Rank: 420
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 540
    Madison County Federal Credit Union
    Similarity Rank: 672
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 700
    The Peoples State Bank
    Similarity Rank: 1000
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1014
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1786
    FORUM Credit Union
    Similarity Rank: 2220

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 1,218 $166,940,000 $137,061 n/a 2.23%
    Conventional 928 $301,540,000 $324,935 $3,018 5.06%
    FHA 28 $6,730,000 $240,357 $7,485 4.64%
    VA 5 $1,495,000 $299,000 $6,680 5.30%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 831 $286,355,000 $344,591 $3,582 4.58%
    Home Improvement 625 $66,935,000 $107,096 $852 2.09%
    Cash Out Refi 341 $69,825,000 $204,765 $2,767 4.19%
    Other 339 $42,695,000 $125,944 $1,067 2.53%
    Refi 43 $10,895,000 $253,372 $2,931 3.93%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,227 $172,655,000 $140,713 $3,071 2.24%
    30 Year 693 $242,885,000 $350,483 $3,522 4.94%
    15 Year 156 $25,770,000 $165,192 $1,856 5.53%
    10 Year 39 $2,755,000 $70,641 $868 6.19%
    30+ year 27 $18,225,000 $675,000 $5,299 4.38%
    20 Year 23 $6,055,000 $263,261 $3,053 4.30%
    5 Year 14 $8,360,000 $597,143 $0 5.49%

    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
    $<1k 729 $226,505,000 $310,706
    $1k-2k 117 $35,795,000 $305,940
    $2k-3k 52 $18,470,000 $355,192
    $3k-4k 16 $6,800,000 $425,000
    $5k+ 16 $5,910,000 $369,375
    $4k-5k 13 $3,985,000 $306,538

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 852 $112,470,000 $132,007
    5-6% 363 $105,525,000 $290,702
    3-4% 295 $84,605,000 $286,797
    4-5% 260 $79,680,000 $306,462
    6-7% 179 $47,895,000 $267,570
    2.5-3% 164 $36,340,000 $221,585
    7-8% 43 $7,575,000 $176,163
    Over 8% 23 $2,615,000 $113,696

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 731 $41,975,000 $57,421 $1,292 2.67%
    $200k-400k 583 $164,395,000 $281,981 $3,417 4.29%
    $100k-200k 550 $77,560,000 $141,018 $2,745 3.30%
    $400k-600k 207 $100,165,000 $483,889 $3,696 3.96%
    $600k-1MM 91 $67,455,000 $741,264 $4,272 4.53%
    $1MM+ 17 $25,155,000 $1,479,706 $6,601 4.02%

    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.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 550 $100,960,000 $183,564 $3,232 3.51%
    $150k-250k 540 $128,990,000 $238,870 $3,061 3.25%
    $250k+ 344 $131,060,000 $380,988 $4,055 3.38%
    $75k-100k 320 $50,970,000 $159,281 $2,939 3.61%
    $50k-75k 261 $34,755,000 $133,161 $2,868 3.63%
    $50k or less 93 $9,875,000 $106,183 $2,749 3.59%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 548 $117,120,000 $213,723 $3,171 3.44%
    <20% 400 $64,390,000 $160,975 $2,844 2.47%
    30-36% 319 $74,795,000 $234,467 $3,336 3.73%
    49% 91 $19,245,000 $211,484 $3,247 3.40%
    42% 64 $19,060,000 $297,813 $3,205 3.98%
    38% 61 $15,095,000 $247,459 $3,601 3.43%
    37% 60 $12,670,000 $211,167 $2,656 4.21%
    44% 59 $15,075,000 $255,508 $3,635 4.23%
    43% 59 $14,235,000 $241,271 $3,151 4.12%
    45% 58 $13,060,000 $225,172 $2,666 3.62%
    36% 58 $14,670,000 $252,931 $3,345 3.94%
    40% 56 $13,240,000 $236,429 $2,906 3.94%
    39% 54 $13,950,000 $258,333 $2,847 4.44%
    47% 52 $14,190,000 $272,885 $4,005 3.79%
    41% 51 $8,965,000 $175,784 $2,996 3.84%
    50-60% 44 $10,770,000 $244,773 $4,839 2.89%
    46% 44 $7,060,000 $160,455 $2,566 3.82%
    48% 36 $9,940,000 $276,111 $3,597 4.30%
    >60% 36 $5,870,000 $163,056 $2,134 3.39%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,730 $362,250,000 $209,393 $3,163 3.47%
    Not provided 183 $39,515,000 $215,929 $3,204 3.39%
    Asian 118 $37,610,000 $318,729 $3,273 3.16%
    Black 120 $22,210,000 $185,083 $2,909 3.65%
    Not applicable 17 $12,255,000 $720,882 $0 5.52%
    American Indian 10 $2,840,000 $284,000 $5,162 3.92%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 0.99%

    Approval Rates

    Total approvals of all applications
    85.95%

    Elements Financial Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.08%

    Elements Financial Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,179 $476,705,000 $218,772

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,179 $476,705,000 $218,772

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 546 $78,170,000 $143,168 $1,465 2.79%
    40-60% 204 $50,000,000 $245,098 $3,076 3.47%
    60-80% 272 $103,700,000 $381,250 $3,818 4.34%
    80-100% 542 $198,470,000 $366,181 $3,473 4.82%
    Over 100% 2 $640,000 $320,000 $11,394 5.94%
    Under 20% 613 $45,725,000 $74,592 $964 2.50%