MORTGAGE LOANS
At Elevations, we know Colorado mortgages.
Whether you want to buy a house or build one, refinancing your mortgage or invest in real estate, we’ll partner with you every step of the way. We’ll help you outline actionable financial steps to reach your homebuying goals, decide on the type of home you want and how much you can afford, determine the best mortgage rate in Colorado, down payment option, and select a home loan.
Mortgage benefits with Elevations:
Fast and easy online mortgage application(opens in a new window)
Down payment options as low as 3%
Weekly updates on your mortgage loan application(opens in a new window) to keep you in the know
In-house team of local underwriters, processors and closers for a faster process
Deep knowledge of Colorado markets and strong relationships with local Realtors® and title companies
Variety of loan options, including loans with fixed rates and adjustable rates (ARMs), jumbo loans, Federal Housing Administration (FHA) loans and Veterans Affairs (VA) loans
Simple online mortgage service center with the option for automatic payments
Courtesy Spanish and Mandarin, loan translation services, offered: Mortgage Translations FAQs(opens in a new window)
Mortgage loans designed for Colorado homebuyers:
Fast Track Mortgage Loan Approval
Strengthen your offer in a competitive market.
Let our underwriters arm you with the ability to make a strong offer in the competitive Colorado market. Our unique Fast Track Approval mortgage loan approval allows you to present a solid approval that's based on our underwriter's verification of your credit, income and assets when negotiating a purchase contract.
Down Payment Options
Down payments fit for you.
With a number of down payment options, your homeownership dreams might be more achievable than you think. There are alternatives to a 20% down payment—in fact, your down payment can start at just 3%. We'll help you explore the possibilities.
No Closing Cost Option
Lighten your load by removing closing costs.
Consider our no closing cost option if you want to save cash for the down payment or a remodel, or if you want to refinance to lower your rate without a large expense. Available for conforming loans, Elevations will pay all non-recurring closing costs like lender fees and title fees, while the borrower pays a slightly higher interest rate.
Combination Loans (80/10/10)
Sidestep private mortgage insurance.
By combining a mortgage and a home equity loan or line of credit (often called a second mortgage), you may be able to buy a home without putting 20% down or paying for Private Mortgage Insurance (PMI). These combination loans are available for up to 90% of your home’s value with conforming and jumbo loan options.
Elevations Mortgage Trailhead
Just the numbers please
Are you interested in seeing your mortgage loan options and everything that goes into your monthly payment? By sharing a few details about your current loan requirements, you'll provide our loan officers with what they need to prepare accurate loan proposals tailored to your individual needs. We won't pull your credit report, and there is no pressure to get your mortgage. You can complete a loan application once you have found the loan mapped out for your homebuying journey.
Find out what your home is worth.
Meet Our Team
We're here to answer all your mortgage questions.
When you're talking mortgage loans — also known as “a big deal” — you want to talk to a real, live human being. A local one is even better. Our experienced, award-winning team of mortgage lenders is here and happy to serve you. Because when it comes to Colorado mortgages, sharing our knowledge with you is one of our favorite parts of the job.
Let's talk mortgage loans:
These mortgage loans have a rate and monthly payment that stay the same throughout the lifetime of the loan. We offer fixed rate mortgages with 10, 15, 20 or 30 year terms. Consider this type of loan if:
You want consistent payments year after year
You are planning to stay in the home for a long period of time
You anticipate interest rates will rise
This mortgage loan closes in as quickly as 15 business days, whether it's a new purchase or financing your existing mortgage loan. No appraisal is needed with this product. Consider this type of loan if:
You want a no closing cost option
You are looking to close quickly on the property
Loan amounts up to $250,000
ARMs allow you to start with a lower rate than fixed-rate loans, but the rate can adjust up or down periodically. Elevations' ARMs start with an introductory term of 3, 5, 7 or 10 years. Consider this type of loan if:
You desire greater cash flow management options
You are planning to stay in the home for a short period of time
You expect your earnings to increase
You anticipate that interest rates will drop
You are confident you can handle higher payments if the rate increases
3 and 5 year ARMs
Maximum of 2% initial rate change after introductory term
Maximum of 1% rate change every 6 months
Maximum of 5% total rate change over the life of the loan
7 and 10 year ARMs
Maximum of 5% initial rate change after introductory term
Maximum of 1% rate change every 6 months
Maximum of 5% total rate change over the life of the loan
Elevations Interest Only ARM is an adjustable-rate mortgage that applies initial payments to the interest only for the first several years of the loan. Elevations' Interest Only loans start with an introductory term of 5, 7 or 10 years. Consider this type of loan if:
You desire greater cash flow management options
You are planning to stay in the home for a short period of time
You expect your earnings to increase
You anticipate that interest rates will drop
You are confident you can handle higher payments if the rate increases
5 Year Interest Only ARM
Maximum of 2% initial rate change after introductory term
Maximum of 1% rate change every six months
Maximum of 5% total rate change over the life of the loan
7 & 10 Year Interest Only ARMs
Maximum of 5% initial rate change after introductory term
Maximum of 1% rate change every six months
Maximum of 5% total rate change over the life of the loan
A Federal Housing Administration (FHA) loan is backed by Private Mortgage Insurance (PMI), which is often paid by the borrower. In general, FHA-insured loans are easier to qualify for. Consider this type of loan if:
You are a first-time homebuyer
A lower down payment option fits your budget
You are just beginning to build your credit
Conforming loans are typically up to $647,200
Available to all service members, veterans and eligible surviving spouses
Often requires no down payment or Private Mortgage Insurance
The United States Department of Agriculture (USDA) offers home loans for real estate purchases in small cities and rural areas in Colorado.
If your dream house requires a loan amount higher than a conforming loan (typically $647,200), Elevations will work with you to find the best options for financing. We offer Fixed Rate and Adjustable Rate Jumbo Mortgages.
Consider a Fixed Rate Jumbo Mortgage with 15, 20 or 30 year terms if:
You want consistent payments year after year
You are planning to stay in the home for a long period of time
Consider an Adjustable Rate Jumbo Mortgage with 3, 5, 7 or 10 year terms if:
You desire greater cash flow management options
You are planning to stay in the home for a short period of time
You expect your earnings to increase
You anticipate that interest rates will drop
You are confident you can handle higher payments if the rate increases
If you have any questions about Home Equity, please click here(opens in a new window) to learn more.
Let's talk Home Equity:
A home equity loan is best when you have one large expense all at once, like renovating your home, and you want the predictability of a consistent monthly payment at a fixed rate. Home Equity Loan Term Options:
Fixed Payments: Term lengths from 60 months (5 years) to 240 months (20 years) — make fixed monthly principal and interest payments over the length of the term.
30/20 (includes balloon payment): A 30/20 with monthly principal and interest payments calculated over 360 months (30 years) and due in 240 months (20 years). After 20 years, pay the final outstanding balance in full.
A home equity line of credit is best when you plan to pay expenses over time, like college tuition payments or minor home improvements. HELOCs give you the flexibility to borrow what you need, when you need it. Stages of a HELOC:
Draw Period: (the first 10 years) Use your line of credit while making interest-only payments with the option to pay extra against the principal.
Optional Rate Lock: for up to three portions of your balance, you can lock the rate and start making fixed payments. NOTE: Locks are subject to fixed rate pricing which may be higher than your current variable rate.
Repayment Period: (the last 10 years), make monthly principal and interest payments to repay the outstanding balance. Note that you won’t be able to draw funds from the HELOC during this time.
Payment example: $300,000 loan amount at 5.00% APR for 30 years would be $1,611 per month. This amount does not include taxes, insurance or mortgage insurance premiums which, if applicable, will result in a greater payment obligation.
Ready to get pre-approved? It's fast and easy to apply online.
DOWN PAYMENT ASSISTANCE
Resources to help you achieve your dreams
Discover the key to unlocking your dream home with Down Payment Resource. This platform offers support by connecting you with a number of programs across Colorado that can assist with down payments and closing costs. Don't let the challenge of a down payment stand in your way of homeownership. Explore your options today and see how we can help turn your homebuying aspirations into reality.
* Down Payment Resource is a 3rd party resource and not affiliated with Elevations Credit Union.
Talk'uments
Your Mortgage translation tool
Navigating mortgage documents can be complex, but Elevations Credit Union is here to simplify the process. Talk’uments, an exclusive service for our members, translates your Loan Estimate and Closing Disclosure into Spanish or Mandarin and ensures you understand your specific loan details in English, too. As the first credit union to offer this unique tool, we aim to empower you with knowledge about your mortgage. Contact your mortgage loan officer to request access today.(opens in a new window)
SOCIAL IMPACT LENDING
Accredited Social Impact Lending certification
The ASIL designation(opens in a new window) was given to Elevations by the National Association of Minority Mortgage Bankers of America (NAMMBA) in 2024. It signifies a dedication to serving diverse communities and promoting equitable access to homeownership opportunities. Only the top 5% of mortgage lenders receive it, and Elevations is the first financial institution in Colorado to receive it.
MORTGAGE CALCULATOR
Estimate your monthly mortgage payments.
Use our mortgage calculator to help get a better picture of what to expect with a new mortgage. You can estimate what your monthly payments might be and the total amount you will eventually pay for the property.
Mortgage Seminars
Join us to learn more about homebuying.
We proudly offer seminars along the Front Range every month that are free and open to the public. Topics include buying your first home, home appraisals, investment properties and more. We are committed to answering your questions, addressing concerns and empowering you all along the way.
Commonly asked questions
Our mortgage interest rates are calculated using a combination of factors including the amount you would like to borrow, the appraised value of the home, the type of home and your credit score. Whether you’re interested in buying a new home, refinancing or looking for an investment property or second home, please contact us or request an appointment to talk mortgages and mortgage rates.
If your down payment is less than 20%, you will pay Private Mortgage Insurance (PMI) to insure the lender against losses in the event of foreclosure. The amount of coverage and premium are based on loan-to-value (LTV) and your credit score, with a maximum LTV of 97%. Payment options for PMI include a one-time mortgage insurance premium or monthly payments. To find out more about your down payment options and PMI, please contact our Mortgage Team.
Please visit our Mortgage Resources to find out more about escrow accounts, property taxes and homeowners insurance.
Elevations offers complimentary access to Talk’uments, a tool that can translate your loan estimate and closing disclosure into Spanish or Mandarin. This tool works to individualize the information regarding your specific loan. If you want to utilize this tool, please contact your Elevations Mortgage Loan Officer.(opens in a new window)
More ways we can help you
Mortgage Refinance
Refinance your mortgage loan to save money or use your equity for expenses.
Learn more