Jumbo Mortgage

Personal Mortgage Guidance

• Experienced mortgage team to support you¹
• Direct line of communication to your personal mortgage expert
• Closing location of your choice

Purchase or Refinance Your Home

• Low rates and closing costs
• Low down payment options
• Quick and easy application process

Why Consider Elements for a Mortgage

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:

• Competitive rates & fewer fees – On average, an Elements Financial member saves an estimated $309 each year compared to customers elsewhere.²
• Personal attention – Headquartered in Indianapolis, with member service available 24/7.
• Today’s technology – We offer online banking, making it easy to pay your mortgage every month.
• Heritage – With nearly 90 years of experience building and nurturing lifelong relationships with members.
• Seasoned professionals – Our experienced team will walk you through the mortgage process, step-by-step.
• Credit counseling – If you're working toward a mortgage application, pursue our confidential and supportive assistance to develop healthier financial habits for life.

Frequently Asked Questions

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. 

Q: How much will it cost me to refinance my first mortgage with Elements Financial?
A: To see the current rates and fees for a mortgage with us, please visit our Refinance Your Mortgage, or you may call 1-800-621-2105 to speak with a financial wellness expert today.

How to Get Started

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:

• Your government-issued ID (driver’s license, state ID or passport)
• Estimates of your household income, assets, home value and price you paid for your home

From application to closing takes an average of 30 days. What to expect during the application process:

1. We’ll contact you within 1 business day after you submit your application to review documentation that we’ll need from you and answer questions you may have.
2. We’ll be in close contact with you throughout the mortgage process until final loan approval. Once your loan has been final approved, your closing will be scheduled at a location convenient for you if approved.
3. That’s it — your mortgage is complete!