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Fixed-Rate Mortgage

Overview

  • Interest rate and payments remain the same for the life of the loan
  • Available in terms of 5, 7, 10, 15, 20, and 30 years
  • Down payments as low as 20% of purchase price

A Good Option If:

  • You want predictable monthly payments that will not change
  • You plan to stay in your home for several years
  • Trade-off: Interest rate is generally higher than an adjustable-rate mortgage
Fixed-Rate Mortgage Interest Rate  APR  Points  Monthly Payment Loan Term (Months)

Purchase Rates

30-Year Fixed 3.125% 3.205% 0.0 $643.00 360
20-Year Fixed 2.750% 2.862% 0.0 $813.00 240
15-Year Fixed 2.500% 2.644% 0.0 $1,000.00 180
See All Rates

Refinance Rates

30-Year Fixed 3.125% 3.205% 0.0 $643.00 360
20-Year Fixed 2.750% 2.862% 0.0 $813.00 240
15-Year Fixed 2.500% 2.644% 0.0 $1,000.00 180
See All Rates

Fixed Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Adjustable Rate Mortgage (ARM)

Overview

  • Interest rate and payments are fixed for a set period of time then adjust later
  • Available in 3/6, 5/6, and 7/6 ARM terms with 30-year amortization terms, as well as 5/5 30-year and 5/5 15-year terms
  • Some options feature up to 90% financing and no Private Mortgage Insurance (PMI)
  • Low fees and closing costs

A Good Option If:

  • You want lower payments at the start of the loan
  • You are planning to own your home for a short period of time
  • Possibility of lower rates in the future
  • Trade-off: After the set rate period is over, the interest rate can increase depending on market conditions

 

Adjustable Rate Mortgage (ARM) Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment

Purchase Rates

5/5 ARM 30 Year 2.375% 2.865% 0.0
Months 1-60
$583.00
Months 61-360
$929.00
7/6 ARM 30 Year 2.375% 2.851%
Months 1-84
$593.00
Months 85-360
$946.00

Refinance Rates

5/5 ARM 30 Year 2.375% 2.865% 0.0
Months 1-60
$583.00
Months 61-360
$929.00
7/6 ARM 30 Year 2.375% 2.851%
Months 1-84
$593.00
Months 85-360
$946.00

Adjustable Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

First-Time Homebuyer Program

Overview

  • No Private Mortgage Insurance (PMI) required
  • Down payments as low as 5% of purchase price
  • Single-family loans up to $350,000
  • Fixed- and Adjustable-Rate options

A Good Option If:

  • You do not have a substantial down payment saved
  • You want to avoid the extra cost of PMI
  • You would benefit from extra help and advice throughout the mortgage process
  • Trade-off: Interest rate can be slightly higher than traditional fixed-rate and adjustable-rate options

Fixed Rates

Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.250% 3.603% 0.0 $1,034.00 360
20-Year Fixed 3.125% 3.387% 0.0 $1,332.00 240
15-Year Fixed 2.875% 3.142% 0.0 $1,626.00 180

Adjustable Rates

Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 2.750% 3.252% 0.0
Months 1-60
$970.00
Months 61-360
$1,450.00
7/6 ARM 30 2.750% 3.221%
Months 1-84
$970.00
Months 85-360
$1,519.00

First Time Homebuyer Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 95% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price of $250,000, FICO® score of 740 or greater, 5% or more down payment, and loan amount of $237,500; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

Professional Program

Available To:

  • Practicing Physicians (also residents, interns, fellows), Pharmacists, Veterinarians, Optometrists, Physician Assistants, Nurse Practitioners, Nurse Anesthetists, Dentists, and Attorneys
  • A good option if you work in a qualifying profession or will start within 90 days of closing, or you do not have large savings for a down payment but want to avoid PMI

Overview

  • Financing available with no down payment up to $750,000; 95% financing from $750,000 to a $1,000,000; and 90% financing from $1,000,000 to $1,250,000 maximum
  • Available in Fixed and Adjustable Rate Mortgage terms

Refinance Your Mortgage

Overview

  • Pay off your existing mortgage and replace it with a new one, usually to secure a better interest rate or term
  • Refinance to fixed-rate mortgages or adjustable-rate loans
  • Low fees and closing costs

A Good Option If:

  • You want to free up some money in your budget by reducing your monthly mortgage payment
  • You want to shorten the term of your mortgage
  • Trade-off: The lowest rates usually carry some fees and closing costs

Fixed Rates

Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.205% 0.0 $643.00 360
20-Year Fixed 2.750% 2.862% 0.0 $813.00 240
15-Year Fixed 2.500% 2.644% 0.0 $1,000.00 180
See All Rates

Adjustable Rates

Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 Year 2.375% 2.865% 0.0
Months 1-60
$583.00
Months 61-360
$929.00
7/6 ARM 30 Year 2.375% 2.851%
Months 1-84
$593.00
Months 85-360
$946.00

FHA Rates

Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 2.875% 3.909% 0.0 $1,018.00 360
15-Year Fixed 2.750% 3.788% 0.0 $1,666.00 180

VA Rates

Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.324% 0.0 $1,096.00 360
15-Year Fixed 2.750% 3.111% 0.0 $1,736.00 180

Fixed Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Adjustable Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

FHA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, and 3.5% or more down payment, and loan amount of $241,250; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase and loan amount of $250,000, FICO® score of 740 or greater, and 0% or more down payment; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

Jumbo Mortgage

Overview

  • A loan for when the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac
  • Available in a variety of terms, including fixed-rate and adjustable-rate loans
  • Covers purchase and refinance amounts up to $2 million
  • No PMI required

A Good Option If:

  • You want to avoid taking out two or more loans to finance a home purchase
  • Trade-off: Interest rate can be slightly higher than traditional home loan and credit requirements are rigorous

Home Equity Line of Credit

Overview

  • Introductory rate of 0.99% APR on New Home Equity Lines of Credit for 6 months then as low as 3.75% variable APR.1
  • Allows you to borrow funds using the equity in your home
  • Required monthly payments are interest only
  • Most closings in two weeks or less

A Good Option If:

  • You want to have funds available for unexpected emergencies
  • You want to consolidate other loans or credit cards, finance home improvements, purchase large-ticket items, or pay for major expenses
  • You want the flexibility of using the funds only when and if you need them
Home Equity Line of Credit 6-Month Intro Interest Rate 6-Month Intro APR Interest Rate  APR  Points 
Home Equity Line of Credit 0.99% 0.99% 3.75% 3.75% 0.0

Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 0.99% is for new Home Equity Lines of Credit only and is for the first six months. To receive the Introductory rate, a draw of at least $10,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. Rates vary depending upon credit history, combined loan-to-value (CLTV), and occupancy. The stated rate, correct as of September 1, 2021, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will pay flood determination fee, title search, and simple valuation. You may be required to pay other costs such as recording fees, taxes, and when required, appraisal fees. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.

Home Equity Loan

Overview

  • Allows you to borrow funds using your home as collateral
  • Get the money you need up front in a lump sum single payout
  • Lock in a fixed rate for the life of the loan with a fixed monthly payment
  • Never worry about the possibility of rising interest rates
  • 10-year and 15-year loan options

A Good Option If:

  • You want to consolidate other loans or credit cards, finance home improvements, purchase large-ticket items, or pay for major expenses or other one-time needs
  • You want predictable monthly payments that stay the same
Home Equity Loan Interest Rate  APR  Points  Monthly Payment
10 Year Fixed 5.490% 5.654% 0.0 $542.38
15 Year Fixed 5.740% 5.856% 0.0 $414.94

Payments shown do not include taxes and insurance premiums. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. Annual Percentage Rates (APR), effective September 1, 2021, and example monthly payments are calculated using loan amounts of $50,000, a credit score of 730 or greater and combined loan-to-value of 80% for a single-family residence and estimated closing costs of $538 for the 10-year and $641 for the 15-year. A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Home Improvement Loan

Overview

  • Fixed Rate Home Improvement Loan — An unsecured loan that provides easy access to up to $25,000 for your home improvement project.
  • Home Improvement Loan 10 Year Fixed and 15 Year Fixed  A secured loan allowing you to borrow up to 133% of the current value of your home (up to $250,000) for your home improvement project. A good option if you don't have sufficient equity in your home

A Good Option If:

  • You need funds specifically for a home improvement project
  • Trade-off: Interest rate can be slightly higher than home equity options
Home Improvement Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
Unsecured 5.740% 5.973% $480.00 60
Secured 10 Year Fixed 6.990% 7.159% 0.0 $580.28
Secured 15 Year Fixed 7.740% 7.863% 0.0 $470.35

Unsecured Fixed Rate Home Improvement Loan: Annual Percentage Rate (APR) effective as of September 1, 2021, and subject to change without notice. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. A $140 processing fee applies to all Fixed-Rate Unsecured Home Improvement Loan applications. APR calculation and example monthly payments based on loan amount of $25,000, FICO® score of 730 or greater, and term of 60 months. Rate includes 0.25% deduction for automated payments. Additional conditions may apply. Subject to credit approval. Maximum Loan Amount of $25,000.

Secured Home Improvement Closed-End Loan: Annual Percentage Rate (APR) effective as of September 1, 2021, and subject to change without notice. Combined Loan to Value 101% to 133%. Maximum Loan Amount of $250,000. APRs above are calculated using loan amounts of $50,000, credit score of 710 or greater and loan to value of greater than 100% for a single-family residence. Closing Costs: A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. The actual closing costs generally range between $500 to $1,200, depending on the location of the property, the amount of the loan and other factors. Example Monthly Payments: Are figured on loan amounts of $50,000 and do not include hazard insurance, property taxes, or flood insurance. Your actual payment may be higher. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Tax Deductibility: Elements Financial does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Land Loan

Overview

  • Finance unimproved land for building your primary residence
  • Finance up to 80% of the lot value up to $250,000 maximum
  • 1-year maximum term

A Good Option If:

  • You are building a new home and need to finance the land it will be on
  • Trade-off: Requires 20% or higher down payment

Single-Close Construction Loan

Overview

  • As low as 10% down payment
  • Similar to a standard purchase or refinance except it involves determining future value.
  • Once house is finished, loan switches to permanent financing — same interest rate
  • 12-Month Construction Terms with 90% LTV up to $750,000, and 85% LTV up to $1,250,000

A Good Option If:

  • You like one-stop shopping and want one closing
  • You want to pay interest only during construction
  • Lot equity may be credited toward your down payment
  • Indiana and Owner-Occupancy only
  • No PMI Required

FHA Loan

Overview

  • Government-backed loan
  • Fixed-rate loan

A Good Option If:

  • If you have less than perfect credit and don’t have enough for the standard 5-20% down payment
  • Trade-off: Rates are generally slightly higher than conventional loans
FHA Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)

Purchase Rates

30-Year Fixed 2.875% 3.909% 0.0 $1,018.00 360
15-Year Fixed 2.750% 3.788% 0.0 $1,666.00 180

Refinance Rates

30-Year Fixed 2.875% 3.909% 0.0 $1,018.00 360
15-Year Fixed 2.750% 3.788% 0.0 $1,666.00 180

FHA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, and 3.5% or more down payment, and loan amount of $241,250; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Loan

Overview

  • Mortgage guaranteed by the U.S. Department of Veterans Affairs (VA)
  • For American veterans, current military, reservists, and surviving spouses
  • No down payment or PMI required

A Good Option If:

  • You are serving or have served in the U.S. military and want to take advantage of a mortgage with no down payment
VA Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)

Purchase Rates

30-Year Fixed 3.125% 3.324% 0.0 $1,096.00 360
15-Year Fixed 2.750% 3.111% 0.0 $1,736.00 180

Refinance Rates

30-Year Fixed 3.125% 3.324% 0.0 $1,096.00 360
15-Year Fixed 2.750% 3.111% 0.0 $1,736.00 180

VA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase and loan amount of $250,000, FICO® score of 740 or greater, and 0% or more down payment; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

USDA Loan

Overview

  • Mortgage offered to rural property owners by the U.S. Department of Agriculture
  • No down payment required—you may finance up to 100% of the property value

A Good Option If:

  • You are purchasing a property in a rural area (as defined by the USDA)
  • You meet the income restrictions for your County

Bridge Loan

Overview

  • Allows you extra time to sell your current home and still buy the home of your dreams now "bridging" the gap between closings from one property to another
  • 12 month term
  • Monthly interest-only payments.2 The Bridge Loan is paid in full at the time of your current home's closing
  • Finance up to 90% combined total loan to value of your current property

A Good Option If:

  • You want to make an offer on a new home without a contingency to sell on your current home
  • You're getting settled into a new home, while you prepare your previous home for sale

Fixed-Rate Mortgage

Fixed-Rate Mortgage Purchase Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.205% 0.0 $643.00 360
20-Year Fixed 2.750% 2.862% 0.0 $813.00 240
15-Year Fixed 2.500% 2.644% 0.0 $1,000.00 180
10-Year Fixed 2.500% 2.711% 0.0 $1,414.00 120
7-Year Fixed 2.500% 2.793% 0.0 $1,948.00 84
5-Year Fixed 2.500% 2.905% 0.0 $2,662.00 60

Fixed Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Fixed-Rate Mortgage Refinance Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.205% 0.0 $643.00 360
20-Year Fixed 2.750% 2.862% 0.0 $813.00 240
15-Year Fixed 2.500% 2.644% 0.0 $1,000.00 180
10-Year Fixed 2.750% 2.959% 0.0 $1,431.00 120
7-Year Fixed 2.750% 3.044% 0.0 $1,965.00 84
5-Year Fixed 2.750% 3.156% 0.0 $2,677.00 60

Fixed Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgage Purchase Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 Year 2.375% 2.865% 0.0
Months 1-60
$583.00
Months 61-360
$929.00
7/6 ARM 30 Year 2.375% 2.851%
Months 1-84
$593.00
Months 85-360
$946.00

Adjustable Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

Adjustable Rate Mortgage Refinance Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 Year 2.375% 2.865% 0.0
Months 1-60
$583.00
Months 61-360
$929.00
7/6 ARM 30 Year 2.375% 2.851%
Months 1-84
$593.00
Months 85-360
$946.00

Adjustable Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

First-Time Homebuyer Program

Fixed-Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.250% 3.603% 0.0 $1,034.00 360
20-Year Fixed 3.125% 3.387% 0.0 $1,332.00 240
15-Year Fixed 2.875% 3.142% 0.0 $1,626.00 180

First Time Homebuyer Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 95% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase price of $250,000, FICO® score of 740 or greater, 5% or more down payment, and loan amount of $237,500; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 2.750% 3.252% 0.0
Months 1-60
$970.00
Months 61-360
$1,450.00
7/6 ARM 30 2.750% 3.221%
Months 1-84
$970.00
Months 85-360
$1,519.00

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

Refinance Your Mortgage

Fixed-Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.205% 0.0 $643.00 360
20-Year Fixed 2.750% 2.862% 0.0 $813.00 240
15-Year Fixed 2.500% 2.644% 0.0 $1,000.00 180
10-Year Fixed 2.750% 2.959% 0.0 $1,431.00 120
7-Year Fixed 2.750% 3.044% 0.0 $1,965.00 84
5-Year Fixed 2.750% 3.156% 0.0 $2,677.00 60

Fixed Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about mortgage products with terms other than those listed.

Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 Year 2.375% 2.865% 0.0
Months 1-60
$583.00
Months 61-360
$929.00
7/6 ARM 30 Year 2.375% 2.851%
Months 1-84
$593.00
Months 85-360
$946.00

Adjustable Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 60% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, 40% or more down payment, and loan amount of $150,000; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply. Please call for rate information about ARM products with terms other than those listed.

The 5/5 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 5 years (60 payments). After the initial five-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial five-year period, your interest rate can increase or decrease every 5 years up to the 15th year at which the interest rate can increase or decrease annually based on the average yield of the 5-year treasury, plus our margin (2.25%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 61-360 is based on the current index plus the margin (fully indexed rate).

The 7/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 7 years (84 payments). After the initial seven-year period, it is possible that the interest rate, APR, and payment may increase substantially over the remaining term of the loan. After the initial seven-year period, your interest rate can increase or decrease annually based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) rounded to the nearest 0.125%. Any change may significantly impact your monthly payment. The index in the future is unknown so the Estimated Monthly Payment for payments 85-360 is based on the current index plus the margin (fully indexed rate).

FHA Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 2.875% 3.909% 0.0 $1,018.00 360
15-Year Fixed 2.750% 3.788% 0.0 $1,666.00 180

FHA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, and 3.5% or more down payment, and loan amount of $241,250; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.324% 0.0 $1,096.00 360
15-Year Fixed 2.750% 3.111% 0.0 $1,736.00 180

VA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase and loan amount of $250,000, FICO® score of 740 or greater, and 0% or more down payment; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

Home Equity Line of Credit

Home Equity Line of Credit 6-Month Intro Interest Rate 6-Month Intro APR Interest Rate  APR  Points 
Home Equity Line of Credit 0.99% 0.99% 3.75% 3.75% 0.0

Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 0.99% is for new Home Equity Lines of Credit only and is for the first six months. To receive the Introductory rate, a draw of at least $10,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. Rates vary depending upon credit history, combined loan-to-value (CLTV), and occupancy. The stated rate, correct as of September 1, 2021, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will pay flood determination fee, title search, and simple valuation. You may be required to pay other costs such as recording fees, taxes, and when required, appraisal fees. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.

Home Equity Loan

Home Equity Loan Interest Rate  APR  Points  Monthly Payment
10 Year Fixed 5.490% 5.654% 0.0 $542.38
15 Year Fixed 5.740% 5.856% 0.0 $414.94

Payments shown do not include taxes and insurance premiums. Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. Annual Percentage Rates (APR), effective September 1, 2021, and example monthly payments are calculated using loan amounts of $50,000, a credit score of 730 or greater and combined loan-to-value of 80% for a single-family residence and estimated closing costs of $538 for the 10-year and $641 for the 15-year. A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Home Improvement Loan

Home Improvement Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
Unsecured 5.740% 5.973% $480.00 60
Secured 10 Year Fixed 6.990% 7.159% 0.0 $580.28
Secured 15 Year Fixed 7.740% 7.863% 0.0 $470.35

Unsecured Fixed Rate Home Improvement Loan: Annual Percentage Rate (APR) effective as of September 1, 2021, and subject to change without notice. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. A $140 processing fee applies to all Fixed-Rate Unsecured Home Improvement Loan applications. APR calculation and example monthly payments based on loan amount of $25,000, FICO® score of 730 or greater, and term of 60 months. Rate includes 0.25% deduction for automated payments. Additional conditions may apply. Subject to credit approval. Maximum Loan Amount of $25,000.

Secured Home Improvement Closed-End Loan: Annual Percentage Rate (APR) effective as of September 1, 2021, and subject to change without notice. Combined Loan to Value 101% to 133%. Maximum Loan Amount of $250,000. APRs above are calculated using loan amounts of $50,000, credit score of 710 or greater and loan to value of greater than 100% for a single-family residence. Closing Costs: A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. The actual closing costs generally range between $500 to $1,200, depending on the location of the property, the amount of the loan and other factors. Example Monthly Payments: Are figured on loan amounts of $50,000 and do not include hazard insurance, property taxes, or flood insurance. Your actual payment may be higher. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Tax Deductibility: Elements Financial does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

FHA Loan

FHA Loan Purchase Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 2.875% 3.909% 0.0 $1,018.00 360
15-Year Fixed 2.750% 3.788% 0.0 $1,666.00 180

FHA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, and 3.5% or more down payment, and loan amount of $241,250; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

FHA Loan Refinance Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 2.875% 3.909% 0.0 $1,018.00 360
15-Year Fixed 2.750% 3.788% 0.0 $1,666.00 180

FHA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 96.5% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on a purchase price of $250,000, FICO® score of 740 or greater, and 3.5% or more down payment, and loan amount of $241,250; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Loan

VA Loan Purchase Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.324% 0.0 $1,096.00 360
15-Year Fixed 2.750% 3.111% 0.0 $1,736.00 180

VA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase and loan amount of $250,000, FICO® score of 740 or greater, and 0% or more down payment; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

VA Loan Refinance Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.125% 3.324% 0.0 $1,096.00 360
15-Year Fixed 2.750% 3.111% 0.0 $1,736.00 180

VA Mortgage Rates effective as of September 24, 2021. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 740 or greater and 100% Loan-to-Value (LTV) and are based on loans secured by property in the state of Indiana. The actual interest rates and APRs available to you may vary based on your credit score, LTV ratio and other factors, and may be higher than those displayed here. Rates, closing costs and points may vary by property location, loan type and borrower credit and income characteristics. ALL FINANCING SUBJECT TO CREDIT APPROVAL. Example Monthly Payments based on purchase and loan amount of $250,000, FICO® score of 740 or greater, and 0% or more down payment; they do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be higher. Rates are subject to change without notice. Some restrictions may apply.

The Mortgage Process

Buying or refinancing a home is exciting! At Elements, we want to make the mortgage process go as smoothly as possible for you so you never feel overwhelmed. On this page we’ll break down the steps you’ll take through the loan process — and remember, we’ll be with you every step of the way.

 

Which Loan is Right for You?

Couple moving into their new homeOkay, so you’ve heard people talk about fixed rate, adjustable rate, and a whole bunch of initials. How to figure out which is just right for you? That’s what your Elements Mortgage Loan Officer is here for! We’ll sit with you or chat on the phone to work through it for you. Here is some of the information we’ll need you to have available to get things started:

  • Monthly income
  • Current debt
  • Planned amount to spend on your house
  • Amount you have to put down
  • How long you’ll stay in the home
  • How flexible you can be with your monthly payments.

 

It’s Time to Apply

Does a loan application sound like a pile of paperwork? Never fear! Elements has pared it down to only the most essential information.

  • The basics about you
  • A little info on the property
  • Your annual income
  • Assets you plan to use for your down payment and closing costs
  • What you currently owe others — then we’ll run a credit report

 

Credit Approval

We know waiting is no fun, so we will give you an answer within 24 hours. Many lenders would just pre-qualify you at this point. Not Elements. This is a true loan commitment, which means you will know what kind of offer you can make. It is, however, legally subject to underwriting the home you are financing and verification of the information you’ve provided.

 

Loan Processing

This is that part we were talking about at the end of the last step. At this point we will verify the information you’ve provided on your loan application. In addition to reviewing documentation to verify your assets and income, we will also order an appraisal, title report and flood certification on the home. Your prepaid processing deposit will be used for these services, which also goes toward your closing costs. You’ll also get all the necessary disclosures at this time to review.

 

Final Loan Approval

You’re nearing the finish line now! This step involves underwriting your home. Then once we review that information, we will give you a final approval and prepare your loan for closing.

 

Closing

Grab a pen because this is when we prepare the loan documents for you and the escrow company to sign. Once we have received the signed documents, we will transfer money to the escrow company. It’s their job to disburse the loan and record the documents.

Elements Unique Program Just for First-Time Homebuyers

Thinking about buying your first home? We’re almost as excited as you are! We love working with first-time homebuyers and playing a part in getting you through a doorway that’s your very own. We also realize that buying a home can be a bit overwhelming, so that’s why we will be with you every step of the way. Have a question? That’s why we give you our cell phone numbers. Really. Give us a call.

 

First-Time Homebuyer Perks

Couple laughs on couch togetherIn addition to being there to answer your questions, we also have a special First-Time Homebuyers Program with great benefits so homeownership is even more likely to become a reality for you:

  • Your down payment can be as little as 5% of the purchase price — in other words, we’ll finance 95% of the purchase price
  • We don’t require Private Mortgage Insurance (PMI), saving you about $1,500 a year
  • Low interest rates available to you
  • Loan amounts can be up to $350,000

Financial Calculators

We know buying a home is a big decision. That's why we aim to give you the tools you need to make an educated decision that leaves you feeling confident and truly loving the home you end up in.

How much home can I afford?

Home Affordability Calculator

Results

Mortgage amount you can afford: $____

Your debt to income ratio is ___%.

Results based on annual property taxes of $1,430 and homeowner’s insurance of $429.

What would my mortgage payments be?

Mortgage Calculator

Results

Principal and Interest $____
Property Tax* $____
Home Insurance* $____
Mortgage Insurance* $____

* Estimates based on national averages.

How will an adjustable rate affect my mortgage payments?

Adjustable Rate Mortgage Calculator

Results

If Rates Decrease:

Initial Monthly Payment $____
Minimum Monthly Payment $____
Total Mortgage Amount $______

If Rates Stay the Same:

Monthly Payment $____
Total Mortgage Amount $______

If Rates Increase:

Initial Monthly Payment $____
Maximum Monthly Payment $____
Total Mortgage Amount $______

How much can I borrow from my home equity?

Home Equity Calculator

Results

in a home equity loan or line of credit
  1. 1 Each individual's Annual Percentage Rate (APR) is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 0.99% is for new Home Equity Lines of Credit only and is for the first six months. To receive the Introductory rate, a draw of at least $10,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. Rates vary depending upon credit history, combined loan-to-value (CLTV), and occupancy. The stated rate, correct as of September 1, 2021, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will pay flood determination fee, title search, and simple valuation. You may be required to pay other costs such as recording fees, taxes, and when required, appraisal fees. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.
  2. 2 Origination Fee is $375. State-specific and title insurance fees may apply.