Elements Financial Federal Credit Union Mortgage Interest Rate and Cost Review

Is Elements Financial Federal Credit Union a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Elements Financial Federal Credit Union with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (-0.07%)
Loan Related Closing Costssimilar to average (-$81)
National Rate and Closing Cost Rating(4.0)
Websitehttps://www.elements.org

On average, Elements Financial Federal Credit Union’s interest rates were similar to those of other lenders (-0.07%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$81. Overall, combining interest rates and closing costs we estimate that Elements Financial Federal Credit Union tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Elements Financial Federal Credit Union’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Elements Financial Federal Credit Union was most active in:

  1. Indianapolis, IN
  2. Lafayette, IN
  3. Fort Wayne, IN
  4. Bloomington, IN
  5. Terre Haute, IN

You can click through to check out Elements Financial Federal Credit Union’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Elements Financial Federal Credit Union’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Elements Financial Federal Credit Union originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.01%-0.25%-0.01%-0.01%-0.01%
Loan Related Closing Cost Difference-$3-$53-$27+$1-$19
Cost Adjusted Rate Difference-0.01%-0.26%-0.01%-0.01%-0.02%
Star Rating(3.5)(5.0)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.15%-0.07%+0.03%+0.00%
Loan Related Closing Cost Difference-$198-$140+$101-$145
Cost Adjusted Rate Difference-0.17%-0.10%+0.03%-0.01%
Star Rating(4.5)(4.0)(3.5)(3.5)

As a summary, Elements Financial Federal Credit Union is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo, USDA and VA purchase mortgages. For refinancing mortgages, Elements Financial Federal Credit Union is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Elements Financial Federal Credit Union:

Registered name: Elements Financial Federal Credit Union
Registered city and state: INDIANAPOLIS, IN, 46202
Regulator: National Credit Union Administration (NCUA)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Elements Financial Federal Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.