Refinance Your Mortgage

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.

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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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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 $995 origination fee on all mortgages.

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

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 on 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.

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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.

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