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Fixed-Rate Mortgage

Overview

  • Interest rate and payments remain the same for the life of the loan
  • Available in terms of 5, 7, 10, 15, 20, and 30 years
  • Down payments as low as 5% of purchase price — including First Time Homebuyers

A Good Option If:

  • You want predictable monthly payments that will not change
  • You plan to stay in your home for several years
  • Trade-off: Interest rate is generally higher than an adjustable-rate mortgage

Get Preapproved Apply Now

Or Call 1-317-402-6227

Download Product Flier
Fixed-Rate Mortgage Interest Rate  APR  Points  Monthly Payment Loan Term (Months)

Purchase Rates
30-Year Fixed 6.875% 6.916% -0.250 $1,970.79 360
20-Year Fixed 6.625% 6.678% 0.000 $2,258.85 240
15-Year Fixed 6.375% 6.440% -0.250 $2,592.75 180
See All Rates

Refinance Rates
30-Year Fixed 7.000% 7.041% 0.000 $1,995.91 360
20-Year Fixed 7.000% 7.053% 0.000 $2,325.90 240
15-Year Fixed 6.500% 6.566% -0.125 $2,613.32 180
See All Rates

Fixed Rates effective as of January 26, 2025.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% 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 $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; 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.

More Disclosure

Adjustable Rate Mortgage (ARM)

Overview

  • Interest rate and payments are fixed for a set period of time then adjust later
  • Available in 3/6, 5/6, 7/6 ARM terms with 30-year amortization terms, as well as 5/5 30-year, 5/5 15-year terms
  • Some options feature up to 90% financing and no Private Mortgage Insurance (PMI)
  • Low fees and closing costs

A Good Option If:

  • You want lower payments at the start of the loan
  • You are planning to own your home for a short period of time
  • Possibility of lower rates in the future
  • Trade-off: After the set rate period is over, the interest rate can increase depending on market conditions

 

Get Preapproved Apply Now

Or Call 1-317-402-6227

Download Product Flier
Adjustable Rate Mortgage (ARM) Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment

Purchase Rates
5/5 ARM 30 Year 7.000% 6.892% 0.000
Months 1-60
$1,995.91
Months 61-360
$2,297.00
7/6 ARM 30 Year 7.125% 7.284% 0.000
Months 1-84
$2,021.16
Months 85-360
$2,487.00
5/6 ARM 30 Year 7.000% 7.263% 0.000
Months 1-60
$1,995.91
Months 61-360
$2,362.00
See All Rates

Refinance Rates
5/5 ARM 30 Year 7.500% 7.098% 0.000
Months 1-60
$2,097.64
Months 61-360
$2,297.00
7/6 ARM 30 Year 7.625% 7.552% 0.000
Months 1-84
$2,123.38
Months 85-360
$2,487.00
5/6 ARM 30 Year 7.500% 7.469% 0.000
Months 1-60
$2,097.64
Months 61-360
$2,362.00
See All Rates

Adjustable Rates effective as of January 26, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% 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 $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; 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 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).

The 7/6 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 every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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 3/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 3 years (36 payments). After the initial three-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 three-year period, your interest rate can increase or decrease every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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 37-360 is based on the current index plus the margin (fully indexed rate).

The 5/6 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 six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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).

More Disclosure

First-Time Homebuyer Program

Overview

  • No Private Mortgage Insurance (PMI) required
  • Down payments as low as 5% of purchase price
  • Single-family loans up to $450,000
  • Fixed- and Adjustable-Rate options

A Good Option If:

  • You do not have a substantial down payment saved
  • You want to avoid the extra cost of PMI
  • You would benefit from extra help and advice throughout the mortgage process
  • Trade-off: Interest rate can be slightly higher than traditional fixed-rate and adjustable-rate options

Apply Now

Or Call 1-317-402-6227

Download Product Flier

Fixed Rates

Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 7.375% 7.413% 0.000 $2,296.49 360
20-Year Fixed 7.000% 7.048% 0.000 $2,577.87 240
15-Year Fixed 6.625% 6.684% 0.000 $2,919.33 180

Adjustable Rates

Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 7.000% 6.888% 0.000
Months 1-60
$2,212.13
Months 61-360
$2,471.00
7/6 ARM 30 7.125% 7.280% 0.000
Months 1-84
$2,240.11
Months 85-360
$2,461.00

First Time Homebuyer Rates effective as of January 26, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 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 $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; 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.

Adjustable Rates effective as of January 26, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 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 a purchase price of $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; 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 ARM products with terms other than those listed.

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).

The 7/6 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 every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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).

More Disclosure

Fixed-Rate Mortgage

Fixed-Rate Mortgage Purchase Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 6.875% 6.916% -0.250 $1,970.79 360
20-Year Fixed 6.625% 6.678% 0.000 $2,258.85 240
15-Year Fixed 6.375% 6.440% -0.250 $2,592.75 180
10-Year Fixed 6.500% 6.592% -0.125 $3,406.44 120
7-Year Fixed 6.625% 6.752% 0.000 $4,473.01 84
5-Year Fixed 6.625% 6.798% 0.000 $5,887.43 60

Fixed Rates effective as of January 24, 2025.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% 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 $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; 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.

More Disclosure

Fixed-Rate Mortgage Refinance Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 7.000% 7.041% 0.000 $1,995.91 360
20-Year Fixed 7.000% 7.053% 0.000 $2,325.90 240
15-Year Fixed 6.500% 6.566% -0.125 $2,613.32 180
10-Year Fixed 6.750% 6.843% 0.000 $3,444.72 120
7-Year Fixed 7.125% 7.253% 0.000 $4,546.16 84
5-Year Fixed 7.125% 7.299% 0.000 $5,958.07 60

Fixed Rates effective as of January 24, 2025.Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% 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 $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; 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.

More Disclosure

Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgage Purchase Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 Year 7.000% 6.892% 0.000
Months 1-60
$1,995.91
Months 61-360
$2,297.00
7/6 ARM 30 Year 7.125% 7.284% 0.000
Months 1-84
$2,021.16
Months 85-360
$2,487.00
5/6 ARM 30 Year 7.000% 7.263% 0.000
Months 1-60
$1,995.91
Months 61-360
$2,362.00
3/6 ARM 30 Year 7.375% 7.417% 0.000
Months 1-36
$2,072.03
Months 37-360
$2,473.00

Adjustable Rates effective as of January 24, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% 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 $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; 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 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).

The 7/6 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 every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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 3/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 3 years (36 payments). After the initial three-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 three-year period, your interest rate can increase or decrease every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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 37-360 is based on the current index plus the margin (fully indexed rate).

The 5/6 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 six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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).

More Disclosure

Adjustable Rate Mortgage Refinance Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 Year 7.500% 7.098% 0.000
Months 1-60
$2,097.64
Months 61-360
$2,297.00
7/6 ARM 30 Year 7.625% 7.552% 0.000
Months 1-84
$2,123.38
Months 85-360
$2,487.00
5/6 ARM 30 Year 7.500% 7.469% 0.000
Months 1-60
$2,097.64
Months 61-360
$2,362.00
3/6 ARM 30 Year 7.875% 7.553% 0.000
Months 1-36
$2,175.21
Months 37-360
$2,473.00

Adjustable Rates effective as of January 24, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 or greater and 75% 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 $400,000, FICO® score of 780 or greater, 25% down payment, and loan amount of $300,000; 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 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).

The 7/6 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 every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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 5/6 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 six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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).

The 3/6 ARM product listed above is a 30-year loan where the initial interest rate is fixed for the first 3 years (36 payments). After the initial three-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 three-year period, your interest rate can increase or decrease every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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 37-360 is based on the current index plus the margin (fully indexed rate).

More Disclosure

First-Time Homebuyer Program

Fixed-Rate Options Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
30-Year Fixed 7.375% 7.413% 0.000 $2,296.49 360
20-Year Fixed 7.000% 7.048% 0.000 $2,577.87 240
15-Year Fixed 6.625% 6.684% 0.000 $2,919.33 180

First Time Homebuyer Rates effective as of January 24, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 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 $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; 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.

More Disclosure

Adjustable Rate Options Interest Rate  APR  Points  Initial Monthly Payment Maximum Monthly Payment
5/5 ARM 30 7.000% 6.888% 0.000
Months 1-60
$2,212.13
Months 61-360
$2,471.00
7/6 ARM 30 7.125% 7.280% 0.000
Months 1-84
$2,240.11
Months 85-360
$2,461.00

Adjustable Rates effective as of January 24, 2025. Note that the interest rates and annual percentage rates (APRs) shown here are available to borrowers with credit scores 780 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 a purchase price of $350,000, FICO® score of 780 or greater, 5% or more down payment, and loan amount of $332,500; 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 ARM products with terms other than those listed.

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).

The 7/6 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 every six months based on the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the 30 Day SOFR yield plus our margin (3.00%) 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).

More Disclosure

The Mortgage Process

Buying or refinancing a home is exciting! At Elements, we want to make the mortgage process go as smoothly as possible for you so you never feel overwhelmed. On this page we’ll break down the steps you’ll take through the loan process — and remember, we’ll be with you every step of the way.

 

Which Loan is Right for You?

Couple moving into their new homeOkay, so you’ve heard people talk about fixed rate, adjustable rate, and a whole bunch of initials. How to figure out which is just right for you? That’s what your Elements Mortgage Loan Officer is here for! We’ll sit with you or chat on the phone to work through it for you. Here is some of the information we’ll need you to have available to get things started:

  • Monthly income
  • Current debt
  • Planned amount to spend on your house
  • Amount you have to put down
  • How long you’ll stay in the home
  • How flexible you can be with your monthly payments.

 

It’s Time to Apply

Does a loan application sound like a pile of paperwork? Never fear! Elements has pared it down to only the most essential information.

  • The basics about you
  • A little info on the property
  • Your annual income
  • Assets you plan to use for your down payment and closing costs
  • What you currently owe others — then we’ll run a credit report

 

Credit Approval

We know waiting is no fun, so we will give you an answer within 24 hours. Many lenders would just pre-qualify you at this point. Not Elements. This is a true loan commitment, which means you will know what kind of offer you can make. It is, however, legally subject to underwriting the home you are financing and verification of the information you’ve provided.

 

Loan Processing

This is that part we were talking about at the end of the last step. At this point we will verify the information you’ve provided on your loan application. In addition to reviewing documentation to verify your assets and income, we will also order an appraisal, title report and flood certification on the home. Your prepaid processing deposit will be used for these services, which also goes toward your closing costs. You’ll also get all the necessary disclosures at this time to review.

 

Final Loan Approval

You’re nearing the finish line now! This step involves underwriting your home. Then once we review that information, we will give you a final approval and prepare your loan for closing.

 

Closing

Grab a pen because this is when we prepare the loan documents for you and the escrow company to sign. Once we have received the signed documents, we will transfer money to the escrow company. It’s their job to disburse the loan and record the documents.

Elements Unique Program Just for First-Time Homebuyers

Thinking about buying your first home? We’re almost as excited as you are! We love working with first-time homebuyers and playing a part in getting you through a doorway that’s your very own. We also realize that buying a home can be a bit overwhelming, so that’s why we will be with you every step of the way. Have a question? That’s why we give you our cell phone numbers. Really. Give us a call.

 

First-Time Homebuyer Perks

Couple laughs on couch togetherIn addition to being there to answer your questions, we also have a special First-Time Homebuyers Program with great benefits so homeownership is even more likely to become a reality for you:

  • Your down payment can be as little as 5% of the purchase price — in other words, we’ll finance 95% of the purchase price
  • We don’t require Private Mortgage Insurance (PMI), saving you about $1,500 a year
  • Low interest rates available to you
  • Loan amounts can be up to $450,000

Financial Calculators

We know buying a home is a big decision. That's why we aim to give you the tools you need to make an educated decision that leaves you feeling confident and truly loving the home you end up in.

  1. 1 Rates are based on an evaluation of credit history, combined loan-to-value ratio, loan term, and occupancy, so your rate may differ. Not all applicants will qualify for the displayed lowest rates. The term is 25 years, consisting of a 10-year draw period with interest-only payments followed by a 15-year repayment period with principal plus interest, which may increase your monthly payments. The Introductory Annual Percentage Rate (APR) of 4.99% is for new Home Equity Lines of Credit only and is for the first six months. HELOC modifications, renewals and increases that utilize the same property are not considered new and are not eligible for the introductory rate. To receive the Introductory rate, a draw of at least $10,000 must be made within 30 days of account opening. After the introductory rate expires, balances will be charged at the variable APR based upon the Prime rate as published in The Wall Street Journal plus a margin. The APR will never be lower than 3.75% or higher than 18%. The stated rate, correct as of January 1, 2025, applies to borrowers with credit scores of 730 or greater, CLTV 80% or less, and owner-occupied single-family residences. Elements Financial will conditionally waive the following Closing Costs associated with your home equity line of credit: flood certification, title search or title abstract, credit report, recording fees, and a simple valuation. You may be required to pay other costs such as taxes, and when required, appraisal fees. However, if you close your home equity line of credit within 36 months after it is opened, you will be required to pay an Early Closure Fee in the amount of the Closing Costs originally waived. These costs vary by state and property type. Elements Financial reserves the right to modify or end this offer at any time. Additional terms and conditions may apply. Subject to credit approval. Elements Financial Membership Required.
  2. 2 Origination Fee is $375. State-specific and title insurance fees may apply.