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Refinance Your Mortgage

A lower interest could get you a lower monthly payment.

Apply Now

Or call 1-800-561-9433

Fixed Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 3.000% 3.079% 0.0 $632.00 360
20-Year Fixed 2.875% 2.987% 0.0 $823.00 240
15-Year Fixed 2.625% 2.769% 0.0 $1,009.00 180
Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Adjusted Monthly Payment
7/1 ARM 2.875% 3.129% 0.0
Months 1-84
$622.00
Months 85-360
$646.55
5/5 ARM 30 Year 2.875% 2.705% 0.0
Months 1-60
$622.00
Months 61-360
$596.90

Fixed Rates effective as of December 2, 2020. 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 December 2, 2020. 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 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).

Refinance Your Mortgage

Free up some cash or shorten the life of your mortgage.

KEY FEATURES

  • Pay off your existing mortgage and replace it with a new one, usually to secure a better interest rate or term
  • Refinance to a better rate to reduce your monthly mortgage payment
  • Refinance to a new shorter-term loan to build equity faster
  • Tap into your home’s equity and receive a one-time cash payment during refinancing
  • Refinance to fixed-rate or adjustable-rate mortgage or an FHA or VA loan
  • Down payment as low as 10% of purchase price
  • Apply in 15-20 minutes!

Apply Now

MAY BE A GOOD CHOICE 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
  • You want a one-time cash payment during refinancing
  • Trade-off: The lowest rates usually carry some fees and closing costs

How do I know if refinancing my mortgage makes sense?

Why Refinance?

It’s possible that you could lower your interest rate or reduce the amount of time left to pay off your loan. Refinancing can also be a helpful tool for home improvement or debt consolidation because you can get a one-time cash payment during the refinancing process. 

Common reasons to refinance:

  • Switch from an adjustable rate to a fixed-rate mortgage
  • Change from one type of adjustable rate loan to another to lower your monthly payment
  • Reduce your interest rate and your monthly payment
  • Build equity faster by shortening the term of your loan to 15 or 20 years

To determine if refinancing makes sense to you, compare your current mortgage rate and term to the rates and terms listed at the top of this page. It’s also important to determine how much the closing fees and other associated costs, such as a home appraisal, will be to make sure you will actually come out ahead in the long run.

Apply Now

What happens during the mortgage refinancing process?

Getting Started

You can apply online in 15-20 minutes! Submit your application anytime. Or call us at 1-800-561-9433 to apply by phone. When you apply, have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home. 

Gathering Documentation

We’ll contact you within one business day after you submit your application to review documentation that we'll need from you. We’ll also answer any questions you may have. 

Application Review & Approval 

Once you have supplied your documents, your loan will be reviewed by an underwriter. After the underwriter review, your Elements Mortgage Loan Originator and Loan Processor will work together to obtain any further documentation that is needed to close your loan, including the appraisal and title work. 

Closing

Once your loan has received final approval, your closing will be scheduled at a location convenient for you. That's it — your mortgage is complete! Application to closing takes an average of 30 days

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What fees and closing costs should I expect?

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. Your Elements Mortgage Loan Originator will review all costs with you based on your specific loan amount, purchase price, and home value.

Third Party Fees

Third party fees are ones that we collect and pass on to the person who actually performed the service.These can include the appraisal fee, the credit report fee, the settlement or closing fee, the survey fee, tax service fees, title insurance fees, flood certification fees, and courier/mailing fees. For example, an appraiser is paid the appraisal fee, a credit bureau is paid the credit report fee, and a title company or an attorney is paid the title insurance fees. 

Taxes and Other Unavoidable Costs

These fees include state/local taxes and recording fees and will most likely have to be paid regardless of the lender you choose. If some lenders don't quote you fees that include taxes and other unavoidable fees, don't assume you won't have to pay it. It is possible that a lender who doesn't tell you about the fee hasn't done the research necessary to provide accurate closing costs. 

Lender Fees

Lender fees such as points, document-preparation fees, and loan-processing fees are retained by the lender and are used to provide you with the lowest rates possible. This is the category of fees that you should compare very closely from lender to lender before making a decision. Elements charges a standard $900 origination fee on all mortgages.

For more information, call us at 1-800-561-9433.

Why should I choose Elements to refinance my mortgage?

Like a Bank, Only Better!

Personal Mortgage Guidance

Determining if or when is the best time to refinance can be overwhelming. But don’t worry. We’ll be with you every step of the way to guide you through the refinancing process. You’ll have your personal mortgage expert’s cell phone number, so you can get all your questions answered very quickly. 

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with a dedicated Mortgage Loan Originator1 to guide you through the entire mortgage process.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally2. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I apply?

3 Easy Steps to Apply

  1. Apply online - Do this online whenever you have 15-20 minutes to spare. Or call 1-800-561-9433 to get started.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll stay in touch with you throughout the mortgage process. Then, if you're approved, we'll schedule your closing at a location convenient for you.

Apply Now

Being able to lower that mortgage rate freed up funds to do other things, like fix the place up.

- James C. | Member since 2016
  1. 1 Nationwide Mortgage Licensing System Registrants: Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Luis Aparicio 144043, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Cassandra Bogaards 894545, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Dawn Michelle Bruce 899516, Julie Bowering 443400, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Mary Ann Deckard 1259646, Heather Derbyshire 483140, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Robert Goodwin 975067, Quentin Girten 1919653, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Kasey Jones 1942020, Christoper Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Kristy Mars 609725, Beverly Marshall 444941, Stacey McDaniel 1157444, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Susan Roberts 975068, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Brad Smith 906855, Amy Lynn Stokes 1387213, Brent Tedford 1892880, Bradley Thompson 609732, Samantha White 1849420
  2. 2 Based on asset size as of 1/31/2020