Elements Financial Federal Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300NZWZUYUWEOA562

Tax ID: 35-6022541

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 Home Purchase loans. Elements Financial Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Indianapolis, Lafayette, Bloomington, Terre Haute, and Chicago among others. We have data for 18 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 12/3/24
    30 Year Conventional Purchase 6.52% 12/3/24
    30 Year Conventional Refi 6.33% 12/3/24
    30 Year Cash-out Refi 6.51% 12/3/24
    30 Year FHA Purchase 7.48% 12/3/24
    30 Year FHA Refi 6.61% 12/3/24
    30 Year VA Purchase 6.30% 12/3/24
    30 Year VA Refi 6.27% 12/3/24
    15 Year Conventional Purchase 6.07% 12/3/24
    15 Year Conventional Refi 6.10% 12/3/24
    15 Year Cash-out Refi 6.10% 12/3/24
    15 Year VA Refi 5.68% 12/3/24
    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 Estimates

    Estimated 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.


    Originations

    1,721

    Origination Dollar Volume (All Markets)

    $284,015,000

    Awards

    Elements Financial Federal Credit Union VA Loans gold
    Show all (1) awards

    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) 1,377 $221,535,000 $160,882 $2,429 4.35%
    Outside of Metro Areas 268 $53,410,000 $199,291 $3,385 4.32%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 17 $2,565,000 $150,882 $2,271 4.34%
    BLOOMINGTON, IN (FHA|USDA|VA) 18 $2,480,000 $137,778 $1,787 4.59%
    TERRE HAUTE, IN (FHA|USDA|VA) 16 $1,640,000 $102,500 $3,256 4.49%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $435,000 $87,000 $2,494 5.08%
    MUNCIE, IN (FHA|USDA|VA) 4 $380,000 $95,000 $1,424 4.90%
    Richmond, IN (FHA|USDA|VA) 1 $305,000 $305,000 $2,428 4.50%
    Plymouth, IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,225 4.50%
    Warsaw, IN (FHA|USDA|VA) 2 $200,000 $100,000 $2,605 4.63%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $195,000 $195,000 $2,591 4.75%
    Angola, IN (FHA|USDA|VA) 1 $155,000 $155,000 $0 1.99%
    Crawfordsville, IN (FHA|USDA|VA) 2 $110,000 $55,000 $0 1.99%
    New Castle, IN (FHA|USDA|VA) 3 $105,000 $35,000 $2,730 3.04%
    Frankfort, IN (FHA|USDA|VA) 2 $100,000 $50,000 $0 5.50%
    Marion, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 1.99%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $45,000 $45,000 $2,402 4.25%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 4.75%
    Elements Financial Federal Credit Union's top markets include Indianapolis, Lafayette, Bloomington, Terre Haute, and Chicago among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Illinois (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.

    Greenfield Banking Company
    Similarity Rank: 255
    Hendricks County Bank and Trust Company
    Similarity Rank: 393
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 495
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 589
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    The Farmers Bank, Frankfort, Indiana
    Similarity Rank: 814
    The National Bank of Indianapolis
    Similarity Rank: 1020
    Stock Yards Bank & Trust Company
    Similarity Rank: 1176
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 1278
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1482

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 969 $225,835,000 $233,060 $2,522 4.84%
    HELOC 737 $54,665,000 $74,172 n/a 3.69%
    VA 14 $3,370,000 $240,714 $4,387 4.34%
    USDA 1 $145,000 $145,000 $4,007 4.75%

    For 2018, Elements Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 969 originations. Their 2nd most popular type was HELOC, with 737 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 755 $190,995,000 $252,974 $2,787 4.62%
    Home Improvement 310 $16,570,000 $53,452 $606 3.76%
    Cash Out Refi 307 $45,015,000 $146,629 $2,378 4.63%
    Other 275 $18,785,000 $68,309 $707 3.93%
    Refi 74 $12,650,000 $170,946 $2,506 4.32%

    For 2018, Elements Financial Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 755 originations. The 2nd most popular reason was Home Improvement, with 310 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 740 $55,560,000 $75,081 $0 3.70%
    30 Year 721 $189,785,000 $263,225 $2,799 4.70%
    15 Year 167 $25,745,000 $154,162 $1,849 5.31%
    10 Year 59 $6,155,000 $104,322 $1,371 5.22%
    20 Year 31 $6,335,000 $204,355 $2,862 4.48%
    5 Year 2 $250,000 $125,000 $2,184 4.81%
    1 Year 1 $185,000 $185,000 $375 5.74%

    For 2018, Elements Financial Federal Credit Union's most frequently cited loan duration was Other, with 740 originations. The 2nd most popular length was 30 Year, with 721 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 760 $181,480,000 $238,789
    $1k-2k 157 $33,495,000 $213,344
    $2k-3k 30 $6,390,000 $213,000
    $3k-4k 20 $3,560,000 $178,000
    $4k-5k 6 $1,500,000 $250,000
    $5k+ 6 $1,750,000 $291,667

    Elements Financial Federal Credit Union's average total fees were $2,799, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 760 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 889 $194,495,000 $218,780
    <2.5% 370 $26,360,000 $71,243
    5-6% 243 $30,645,000 $126,111
    3-4% 86 $23,330,000 $271,279
    6-7% 81 $5,955,000 $73,519
    7-8% 33 $1,955,000 $59,242
    Over 8% 19 $1,275,000 $67,105

    During 2018, Elements Financial Federal Credit Union's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 889 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 708 $32,600,000 $46,045 $1,533 4.14%
    $100k-200k 503 $72,915,000 $144,960 $2,421 4.50%
    $200k-400k 385 $104,555,000 $271,571 $2,821 4.50%
    $400k-600k 73 $34,945,000 $478,699 $3,361 4.37%
    $600k-1MM 47 $33,765,000 $718,404 $3,504 4.53%
    $1MM+ 5 $5,235,000 $1,047,000 $4,215 4.73%

    2018 saw Elements Financial Federal Credit Union place emphasis on $100,000 or less loans with 708 originations, totaling $32,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 451 $69,735,000 $154,623 $2,639 4.28%
    $150k-250k 364 $73,770,000 $202,665 $2,742 4.36%
    $50k-75k 280 $31,850,000 $113,750 $2,297 4.40%
    $75k-100k 264 $33,090,000 $125,341 $2,496 4.34%
    $50k or less 215 $20,815,000 $96,814 $2,228 4.38%
    $250k+ 141 $52,935,000 $375,426 $2,939 4.32%

    Elements Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 451 originations. The second most popular income band? $150k-250k, with 364 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 505 $86,015,000 $170,327 $2,575 4.22%
    <20% 373 $49,375,000 $132,373 $2,568 3.98%
    30-36% 286 $53,080,000 $185,594 $2,718 4.42%
    42% 52 $6,700,000 $128,846 $2,294 4.95%
    36% 51 $7,255,000 $142,255 $2,565 4.59%
    37% 44 $7,320,000 $166,364 $2,280 4.61%
    43% 41 $7,225,000 $176,220 $2,159 4.48%
    39% 41 $6,845,000 $166,951 $2,183 4.78%
    40% 40 $6,640,000 $166,000 $2,529 4.66%
    44% 36 $4,910,000 $136,389 $2,227 5.26%
    38% 36 $6,490,000 $180,278 $2,605 4.42%
    49% 32 $7,260,000 $226,875 $3,216 4.40%
    45% 29 $4,515,000 $155,690 $2,365 4.51%
    41% 29 $3,305,000 $113,966 $1,851 4.94%
    >60% 29 $6,335,000 $218,448 $1,526 4.50%
    46% 26 $4,950,000 $190,385 $2,813 4.34%
    48% 25 $4,705,000 $188,200 $2,649 4.64%
    47% 22 $4,190,000 $190,455 $3,062 4.96%
    50-60% 19 $5,355,000 $281,842 $3,424 4.14%

    Elements Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 505 originations. The next most common DTI ratio? <20%, with 373 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,233 $218,685,000 $177,360 $2,560 4.43%
    Not provided 361 $37,405,000 $103,615 $2,479 3.95%
    Asian 59 $14,765,000 $250,254 $2,485 4.35%
    Black 59 $10,655,000 $180,593 $2,565 4.80%
    Not applicable 4 $1,520,000 $380,000 $0 6.44%
    American Indian 5 $985,000 $197,000 $2,269 4.80%

    Approval Rates

    Total approvals of all applications
    87.58%

    Elements Financial Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.93%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,721 $284,015,000 $165,029

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $115,000 $115,000
    Single Family (1-4 Units):Site-Built 1,720 $283,900,000 $165,058

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 280 $24,700,000 $88,214 $1,415 4.08%
    40-60% 147 $23,195,000 $157,789 $2,516 4.41%
    60-80% 265 $62,875,000 $237,264 $2,893 4.49%
    80-100% 572 $151,870,000 $265,507 $2,695 4.65%
    Over 100% 2 $550,000 $275,000 $12,404 5.88%
    Under 20% 450 $18,420,000 $40,933 $648 4.00%