Elements Financial Federal Credit Union Mortgage Rates, Fees & Info
Indianapolis, INLEI: 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/21/24 |
| 30 Year Conventional Purchase | 6.52% | 4/21/24 |
| 30 Year Conventional Refi | 6.33% | 4/21/24 |
| 30 Year Cash-out Refi | 6.51% | 4/21/24 |
| 30 Year FHA Purchase | 7.48% | 4/21/24 |
| 30 Year FHA Refi | 6.61% | 4/21/24 |
| 30 Year VA Purchase | 6.30% | 4/21/24 |
| 30 Year VA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.07% | 4/21/24 |
| 15 Year Conventional Refi | 6.10% | 4/21/24 |
| 15 Year Cash-out Refi | 6.10% | 4/21/24 |
| 15 Year VA Refi | 5.68% | 4/21/24 |
| 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
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This is not an official calculator from Elements Financial Federal Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,816Origination Dollar Volume (All Markets)
$637,120,000Awards
Elements Financial Federal Credit Union - 2020
Elements Financial Federal Credit Union is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications92.05%
Elements Financial Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination70.70%
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 |