| Fixed Rate Options | Interest Rate | APR | Points | Monthly Payment | Loan Term (Months) |
|---|---|---|---|---|---|
| 30 Year Fixed | 5.000% | 5.056% | 0.0 | $1,275.00 | 360 |
| 20 Year Fixed | 4.875% | 4.951% | 0.0 | $1,551.00 | 240 |
| 15 Year Fixed | 4.625% | 4.721% | 0.0 | $1,832.00 | 180 |
| Adjustable Rate Options | Interest Rate | APR | Points | Initial Monthly Payment | Adjusted Monthly Payment | ||||
|---|---|---|---|---|---|---|---|---|---|
| 7/1 ARM | 4.750% | 4.933% | 0.0 |
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| 5/5 ARM | 4.750% | 4.975% | 0.0 |
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First Time Homebuyer Rates effective as of December 12, 2018. 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 7/1 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 London market (LIBOR), plus our margin (2.75%) 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).
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).
Elements Financial is a credit union. That means we’re like a bank, only better! Securing your mortgage through Elements Financial means you will benefit from:
Q: What can I expect during the mortgage process?
A: Once you have applied for a mortgage, a Mortgage Loan Originator will contact you within 1 business day to discuss your application. The Mortgage Loan Originator will provide you with information on our programs as well as what documentation is needed from you in order to review your application for approval. Once you have selected a program and have supplied your documents to the Mortgage Loan Originator, your loan will be reviewed by an Underwriter. After your loan is approved, the Mortgage Loan Originator and Processor will work together to obtain any further documentation that is needed to close your loan including the appraisal and title work. A closing can be scheduled once your loan has been finally approved.
Q: Why should I consider getting preapproved before buying a home?
A: You should contact a Mortgage Loan Originator to see if you can be pre-approved for a loan so that you know what price range you can afford, to evaluate the monthly costs of a mortgage, and to see how much of a loan you can afford. The pre-approval will also give you some leverage when negotiating with the sellers.
Q: What is included in a mortgage payment?
A: Your monthly mortgage payment is made up of several components, referred to as "PITI". PITI is principal, interest, property taxes, and homeowner’s insurance. The first two components, principal and interest, are based on the loan amount, interest rate, and amortization (term) of your loan. Property taxes are assessed annually. The amount of your taxes is divided by 12 months in order to determine how much will be collected from you as part of your monthly payment. Homeowner’s Insurance is also paid annually. The amount of your annual premium is divided by 12 months as well. Private Mortgage Insurance can also be a component of your monthly mortgage payment. This is insurance that the lender obtains to protect them against any loss if you stop making payments on your loan. PMI is typically required on Conventional loans if you do not put at least 20% down on a purchase or have 20% or more equity in your property on a refinance. Consult with an Elements Mortgage Loan Originator for further details.
Q: What are my closing costs for my Elements Financial mortgage?
A: The specific amount of your closing costs will vary. A home loan often involves many fees, such as the appraisal fee, title charges, closing fees, and state or local taxes. These fees vary from state to state and also from lender to lender. For more information, please contact a Mortgage Loan Originator.
Q: Does Elements have any special programs for first-time homebuyers?
A: Elements has a First Time Homebuyer program available. Our First Time Homebuyer program allows you to purchase a new home with as little as 5% down with no Private Mortgage Insurance (PMI). We also have other programs that are available for with even lower down payment terms such as FHA, VA, and USDA loans. Please contact a Mortgage Loan Originator for more information.
You can apply online in as little as 10 minutes! Or call 1-800-561-9433 to get started.
What you’ll need to apply:
From application to closing takes an average of 30 days. What to expect during the application process:
