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 and Refi 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, Bloomington, Terre Haute, Lafayette, and Columbus among others. We have data for 26 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.

    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% 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

    2,816

    Origination Dollar Volume (All Markets)

    $637,120,000

    Awards

    Elements Financial Federal Credit Union VA Loans silver Elements Financial Federal Credit Union VA Loans gold Elements Financial Federal Credit Union FHA Loans silver Elements Financial Federal Credit Union FHA Loans bronze
    Show all (4) 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) 2,277 $508,375,000 $223,265 $2,585 3.14%
    Outside of Metro Areas 408 $107,450,000 $263,358 $3,450 3.02%
    BLOOMINGTON, IN (FHA|USDA|VA) 13 $3,375,000 $259,615 $2,792 2.93%
    TERRE HAUTE, IN (FHA|USDA|VA) 26 $2,780,000 $106,923 $2,575 3.11%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 19 $2,625,000 $138,158 $2,310 3.24%
    COLUMBUS, IN (FHA|USDA|VA) 9 $2,365,000 $262,778 $2,909 3.69%
    FORT WAYNE, IN (FHA|USDA|VA) 6 $1,620,000 $270,000 $2,002 3.27%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 11 $1,355,000 $123,182 $2,595 3.11%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 5 $905,000 $181,000 $2,162 2.85%
    New Castle, IN (FHA|USDA|VA) 7 $875,000 $125,000 $2,879 2.32%
    Warsaw, IN (FHA|USDA|VA) 4 $780,000 $195,000 $1,820 2.72%
    MUNCIE, IN (FHA|USDA|VA) 5 $615,000 $123,000 $2,208 2.45%
    KOKOMO, IN (FHA|USDA|VA) 6 $560,000 $93,333 $1,950 2.64%
    Kendallville, IN (FHA|USDA|VA) 2 $480,000 $240,000 $2,158 2.37%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $425,000 $425,000 $2,175 3.00%
    Marion, IN (FHA|USDA|VA) 2 $400,000 $200,000 $1,362 2.94%
    Crawfordsville, IN (FHA|USDA|VA) 4 $380,000 $95,000 $2,165 2.94%
    Richmond, IN (FHA|USDA|VA) 2 $370,000 $185,000 $2,710 3.19%
    Huntington, IN (FHA|USDA|VA) 2 $350,000 $175,000 $3,460 3.38%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $255,000 $255,000 $2,533 3.13%
    North Vernon, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,264 2.38%
    Wabash, IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,544 3.13%
    Bedford, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,070 3.63%
    Frankfort, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.75%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $65,000 $65,000 $0 1.99%
    Jasper, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.99%
    Elements Financial Federal Credit Union's top markets include Indianapolis, Bloomington, Terre Haute, Lafayette, and Columbus 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.

    Hendricks County Bank and Trust Company
    Similarity Rank: 376
    Independent Federal Credit Union
    Similarity Rank: 441
    Madison County Federal Credit Union
    Similarity Rank: 488
    Security Federal Savings Bank
    Similarity Rank: 750
    BNC National Bank
    Similarity Rank: 1338
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 2128
    CRANE
    Similarity Rank: 2350
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 2418
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 2496
    BEACON CREDIT UNION
    Similarity Rank: 2808

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,993 $548,895,000 $275,411 $2,629 3.32%
    HELOC 756 $74,050,000 $97,950 n/a 2.59%
    FHA 37 $7,515,000 $203,108 $6,093 3.01%
    VA 29 $6,435,000 $221,897 $3,102 3.16%
    USDA 1 $225,000 $225,000 $4,463 3.50%

    For 2020, Elements Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 1,993 originations. Their 2nd most popular type was HELOC, with 756 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 948 $283,380,000 $298,924 $2,946 3.28%
    Refi 841 $214,115,000 $254,596 $2,568 3.05%
    Cash Out Refi 434 $90,440,000 $208,387 $2,590 3.60%
    Home Improvement 367 $26,845,000 $73,147 $547 2.62%
    Other 226 $22,340,000 $98,850 $970 2.55%

    For 2020, Elements Financial Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 948 originations. The 2nd most popular reason was Refi, with 841 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,355 $397,445,000 $293,317 $2,852 3.35%
    Other 758 $74,250,000 $97,955 $3,099 2.59%
    15 Year 488 $109,840,000 $225,082 $2,392 3.09%
    20 Year 131 $33,735,000 $257,519 $2,403 3.18%
    10 Year 56 $7,090,000 $126,607 $1,567 4.44%
    30+ year 23 $13,595,000 $591,087 $4,559 3.38%
    5 Year 2 $280,000 $140,000 $2,247 3.25%
    1 Year 2 $490,000 $245,000 $0 4.75%
    3 Year 1 $395,000 $395,000 $2,736 3.13%

    For 2020, Elements Financial Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,355 originations. The 2nd most popular length was Other, with 758 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,566 $432,640,000 $276,271
    $1k-2k 401 $102,225,000 $254,925
    $2k-3k 54 $13,470,000 $249,444
    $3k-4k 20 $6,040,000 $302,000
    $4k-5k 9 $3,435,000 $381,667
    $5k+ 4 $1,650,000 $412,500

    Elements Financial Federal Credit Union's average total fees were $2,852, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,566 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,259 $349,565,000 $277,653
    2.5-3% 719 $187,785,000 $261,175
    <2.5% 631 $69,645,000 $110,372
    4-5% 119 $21,875,000 $183,824
    5-6% 48 $5,040,000 $105,000
    6-7% 16 $1,020,000 $63,750
    7-8% 15 $1,725,000 $115,000
    Over 8% 9 $465,000 $51,667

    During 2020, Elements Financial Federal Credit Union's average interest rate for loans was 3.35%, while their most frequently originated rate bucket for loans was 3-4%, with 1,259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 976 $270,250,000 $276,895 $2,791 3.17%
    $100k-200k 810 $119,570,000 $147,617 $2,437 3.15%
    $100,000 or less 662 $35,360,000 $53,414 $1,968 2.94%
    $400k-600k 255 $122,765,000 $481,431 $3,100 3.16%
    $600k-1MM 96 $68,610,000 $714,688 $3,569 3.35%
    $1MM+ 17 $20,565,000 $1,209,706 $4,528 3.56%

    2020 saw Elements Financial Federal Credit Union place emphasis on $200k-400k loans with 976 originations, totaling $270,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 723 $152,365,000 $210,740 $2,641 3.10%
    $150k-250k 672 $181,210,000 $269,658 $2,729 3.10%
    $75k-100k 437 $74,095,000 $169,554 $2,686 3.16%
    $50k-75k 412 $60,290,000 $146,335 $2,669 3.16%
    $250k+ 332 $135,450,000 $407,982 $3,095 3.03%
    $50k or less 192 $23,010,000 $119,844 $2,575 3.13%

    Elements Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 723 originations. The second most popular income band? $150k-250k, with 672 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 885 $200,725,000 $226,808 $2,663 3.14%
    <20% 669 $135,045,000 $201,861 $2,527 2.84%
    30-36% 448 $111,390,000 $248,638 $2,847 3.14%
    36% 71 $18,165,000 $255,845 $2,920 3.34%
    38% 66 $13,870,000 $210,152 $3,016 3.38%
    44% 64 $14,340,000 $224,063 $2,573 3.29%
    41% 62 $14,350,000 $231,452 $2,808 3.40%
    40% 60 $13,320,000 $222,000 $2,634 3.50%
    39% 53 $15,355,000 $289,717 $2,637 3.19%
    37% 53 $13,355,000 $251,981 $2,740 3.34%
    42% 50 $13,200,000 $264,000 $3,460 3.26%
    43% 49 $12,345,000 $251,939 $3,169 3.10%
    >60% 49 $9,325,000 $190,306 $1,397 3.33%
    46% 43 $8,345,000 $194,070 $2,558 3.24%
    45% 43 $9,235,000 $214,767 $3,171 3.09%
    49% 41 $9,145,000 $223,049 $2,733 3.14%
    47% 37 $7,215,000 $195,000 $2,687 3.18%
    48% 34 $7,130,000 $209,706 $2,799 3.17%
    50-60% 23 $5,515,000 $239,783 $3,367 3.49%

    Elements Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 885 originations. The next most common DTI ratio? <20%, with 669 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,295 $511,455,000 $222,856 $2,656 3.12%
    Not provided 248 $55,280,000 $222,903 $2,854 3.01%
    Asian 122 $38,460,000 $315,246 $3,058 3.00%
    Black 123 $24,715,000 $200,935 $2,859 3.30%
    Not applicable 8 $3,920,000 $490,000 $0 4.81%
    American Indian 20 $3,290,000 $164,500 $2,570 3.19%

    Approval Rates

    Total approvals of all applications
    92.05%

    Elements Financial Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.70%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,816 $637,120,000 $226,250

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,890,000 $722,500
    Single Family (1-4 Units):Manufactured 1 $15,000 $15,000
    Single Family (1-4 Units):Site-Built 2,811 $634,215,000 $225,619

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 359 $41,665,000 $116,058 $1,964 3.05%
    40-60% 328 $69,040,000 $210,488 $2,444 2.99%
    60-80% 838 $223,270,000 $266,432 $2,704 3.16%
    80-100% 890 $281,520,000 $316,315 $2,894 3.33%
    Over 100% 4 $810,000 $202,500 $7,560 3.34%
    Under 20% 397 $20,815,000 $52,431 $758 2.69%