Elements Financial Federal Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300NZWZUYUWEOA562

Tax ID: 35-6022541

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Mortgage Data

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 a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Indianapolis, Fort Wayne, Lafayette, New Castle, and Bloomington among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

Elements Financial Federal Credit Union has an above 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% 3/24/24
30 Year Conventional Purchase 6.52% 3/24/24
30 Year Conventional Refi 6.33% 3/24/24
30 Year Cash-out Refi 6.51% 3/24/24
30 Year FHA Purchase 7.48% 3/24/24
30 Year FHA Refi 6.61% 3/24/24
30 Year VA Purchase 6.30% 3/24/24
30 Year VA Refi 6.27% 3/24/24
15 Year Conventional Purchase 6.07% 3/24/24
15 Year Conventional Refi 6.10% 3/24/24
15 Year Cash-out Refi 6.10% 3/24/24
15 Year VA Refi 5.68% 3/24/24
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

2,104

Origination Dollar Volume (All Markets)

$418,270,000
Show all (5) 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) 1,710 $339,770,000 $198,696 $2,599 3.90%
Outside of Metro Areas 286 $60,930,000 $213,042 $3,549 3.73%
FORT WAYNE, IN (FHA|USDA|VA) 8 $2,930,000 $366,250 $2,188 4.26%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 18 $2,270,000 $126,111 $3,248 3.57%
New Castle, IN (FHA|USDA|VA) 13 $1,945,000 $149,615 $2,645 4.49%
BLOOMINGTON, IN (FHA|USDA|VA) 9 $1,725,000 $191,667 $3,158 3.66%
COLUMBUS, IN (FHA|USDA|VA) 3 $1,235,000 $411,667 $2,536 3.88%
TERRE HAUTE, IN (FHA|USDA|VA) 19 $1,145,000 $60,263 $2,004 3.96%
EVANSVILLE, IN-KY (FHA|USDA|VA) 3 $1,135,000 $378,333 $3,330 3.88%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $770,000 $385,000 $2,565 3.94%
Crawfordsville, IN (FHA|USDA|VA) 6 $600,000 $100,000 $2,768 3.29%
MUNCIE, IN (FHA|USDA|VA) 4 $530,000 $132,500 $3,418 4.19%
LOUISVILLE, KY (FHA|USDA|VA) 1 $525,000 $525,000 $2,792 4.13%
Warsaw, IN (FHA|USDA|VA) 2 $490,000 $245,000 $2,874 4.56%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $390,000 $97,500 $2,368 4.84%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $315,000 $105,000 $1,669 5.04%
North Vernon, IN (FHA|USDA|VA) 2 $240,000 $120,000 $1,904 2.81%
KOKOMO, IN (FHA|USDA|VA) 2 $210,000 $105,000 $2,192 4.63%
Kendallville, IN (FHA|USDA|VA) 1 $195,000 $195,000 $2,128 3.88%
Huntington, IN (FHA|USDA|VA) 1 $185,000 $185,000 $0 1.99%
Greensburg, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,687 3.50%
Peru, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,142 3.75%
Frankfort, IN (FHA|USDA|VA) 3 $165,000 $55,000 $750 3.62%
Marion, IN (FHA|USDA|VA) 1 $105,000 $105,000 $1,985 3.75%
Jasper, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 1.99%
Elements Financial Federal Credit Union's top markets include Indianapolis, Fort Wayne, Lafayette, New Castle, and Bloomington among others.

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

    INDIANA UNIVERSITY CREDIT UNION
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    Victory Community Bank
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    MORTGAGE MASTERS OF INDIANA, INC.
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    VICTORY MORTGAGE, L.L.C.
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    Citizens State Bank of New Castle
    Similarity Rank: 1898
    FORUM Credit Union
    Similarity Rank: 1920
    TUCKER MORTGAGE, LLC
    Similarity Rank: 1962
    Stock Yards Bank & Trust Company
    Similarity Rank: 2451

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,312 $334,710,000 $255,114 $2,551 4.26%
    HELOC 714 $67,200,000 $94,118 n/a 3.19%
    FHA 58 $10,540,000 $181,724 $5,589 3.77%
    VA 16 $5,160,000 $322,500 $5,282 3.73%
    USDA 4 $660,000 $165,000 $4,034 4.16%

    For 2019, Elements Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 1,312 originations. Their 2nd most popular type was HELOC, with 714 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 836 $220,910,000 $264,246 $2,955 4.10%
    Cash Out Refi 405 $74,655,000 $184,333 $2,549 4.59%
    Refi 307 $78,815,000 $256,726 $2,673 3.70%
    Home Improvement 286 $18,590,000 $65,000 $718 3.15%
    Other 270 $25,300,000 $93,704 $888 3.09%

    For 2019, Elements Financial Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 836 originations. The 2nd most popular reason was Cash Out Refi, with 405 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 982 $262,100,000 $266,904 $2,921 4.10%
    Other 713 $66,905,000 $93,836 $2,011 3.19%
    15 Year 289 $60,335,000 $208,772 $2,198 4.45%
    20 Year 51 $11,015,000 $215,980 $2,327 3.84%
    10 Year 40 $3,680,000 $92,000 $893 6.34%
    30+ year 20 $9,830,000 $491,500 $4,619 4.00%
    5 Year 7 $4,025,000 $575,000 $2,403 4.99%
    1 Year 2 $380,000 $190,000 $0 6.75%

    For 2019, Elements Financial Federal Credit Union's most frequently cited loan duration was 30 Year, with 982 originations. The 2nd most popular length was Other, with 713 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,076 $273,270,000 $253,968
    $1k-2k 245 $56,705,000 $231,449
    $2k-3k 34 $8,780,000 $258,235
    $3k-4k 17 $4,145,000 $243,824
    $5k+ 6 $1,910,000 $318,333
    $4k-5k 5 $1,415,000 $283,000

    Elements Financial Federal Credit Union's average total fees were $2,921, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,076 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 759 $202,955,000 $267,398
    4-5% 526 $128,340,000 $243,992
    <2.5% 487 $43,785,000 $89,908
    5-6% 165 $24,305,000 $147,303
    6-7% 73 $6,485,000 $88,836
    7-8% 43 $3,705,000 $86,163
    Over 8% 29 $2,085,000 $71,897
    2.5-3% 21 $6,455,000 $307,381

    During 2019, Elements Financial Federal Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 3-4%, with 759 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 660 $32,410,000 $49,106 $1,691 3.74%
    $200k-400k 632 $174,420,000 $275,981 $2,938 3.87%
    $100k-200k 600 $88,180,000 $146,967 $2,591 4.01%
    $400k-600k 146 $70,830,000 $485,137 $3,230 3.88%
    $600k-1MM 57 $41,515,000 $728,333 $3,411 4.11%
    $1MM+ 9 $10,915,000 $1,212,778 $3,731 4.00%

    2019 saw Elements Financial Federal Credit Union place emphasis on $100,000 or less loans with 660 originations, totaling $32,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 559 $104,635,000 $187,182 $2,708 3.82%
    $150k-250k 427 $112,235,000 $262,845 $2,847 3.86%
    $50k-75k 360 $47,730,000 $132,583 $2,698 3.94%
    $75k-100k 312 $47,470,000 $152,147 $2,698 3.94%
    $250k+ 206 $75,840,000 $368,155 $2,958 3.82%
    $50k or less 179 $16,425,000 $91,760 $2,828 3.74%

    Elements Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 559 originations. The second most popular income band? $150k-250k, with 427 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 606 $125,430,000 $206,980 $2,723 3.78%
    <20% 462 $81,050,000 $175,433 $2,600 3.57%
    30-36% 343 $73,705,000 $214,883 $2,844 3.92%
    39% 55 $12,195,000 $221,727 $2,844 4.16%
    36% 54 $11,350,000 $210,185 $2,690 3.79%
    38% 53 $11,015,000 $207,830 $2,537 3.92%
    37% 53 $7,855,000 $148,208 $2,576 4.12%
    42% 48 $10,060,000 $209,583 $2,548 4.18%
    40% 48 $10,310,000 $214,792 $3,623 3.90%
    44% 48 $9,410,000 $196,042 $3,031 4.04%
    41% 44 $8,790,000 $199,773 $2,415 4.13%
    43% 43 $8,135,000 $189,186 $2,575 4.05%
    48% 40 $8,410,000 $210,250 $2,697 4.68%
    >60% 36 $7,040,000 $195,556 $990 4.25%
    47% 33 $5,635,000 $170,758 $2,827 4.31%
    46% 32 $6,000,000 $187,500 $2,266 4.46%
    45% 31 $5,965,000 $192,419 $2,615 4.21%
    50-60% 30 $4,660,000 $155,333 $4,484 3.73%
    49% 26 $5,240,000 $201,538 $2,929 4.52%

    Elements Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 606 originations. The next most common DTI ratio? <20%, with 462 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,592 $321,450,000 $201,916 $2,674 3.95%
    Not provided 345 $56,475,000 $163,696 $2,852 3.54%
    Asian 57 $16,225,000 $284,649 $2,722 3.78%
    Black 88 $15,880,000 $180,455 $3,160 3.91%
    Not applicable 8 $5,000,000 $625,000 $0 5.63%
    Asian Indian 2 $1,390,000 $695,000 $4,571 3.00%
    American Indian 8 $1,320,000 $165,000 $2,665 3.29%
    Vietnamese 1 $225,000 $225,000 $3,243 4.38%
    Native Hawaiian or Islander 1 $145,000 $145,000 $2,771 4.00%
    Chinese 1 $105,000 $105,000 $0 5.50%
    Filipino 1 $55,000 $55,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    90.26%

    Elements Financial Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.33%

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

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 54 $4,800,000 $88,889
    NA 2,050 $413,470,000 $201,693

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $2,845,000 $948,333
    Single Family (1-4 Units):Manufactured 2 $150,000 $75,000
    Single Family (1-4 Units):Site-Built 2,099 $415,275,000 $197,844

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 308 $31,000,000 $100,649 $1,702 4.03%
    40-60% 199 $37,045,000 $186,156 $2,311 3.70%
    60-80% 470 $120,090,000 $255,511 $2,722 3.87%
    80-100% 724 $209,940,000 $289,972 $3,002 4.13%
    Over 100% 4 $990,000 $247,500 $8,794 3.63%
    Under 20% 396 $18,690,000 $47,197 $770 3.41%