Mortgage Loans

Home ownership is a big financial step. For most people, buying a home is the largest purchase they will ever make.

With Elevations, you have mortgage professionals that have your financial well-being in mind. We’ll take good care of you — getting you the funds you need with a quick closing.

At Elevations, you’re not put through a cookie-cutter process. We have the flexibility to work with a unique property, employment status, or family situation. You also have more power to drive decisions involving loan types and fees. 

Our mortgage professionals can assist you in:

  • Getting your finances in order
  • Deciding on the type of home you want and how much you can afford
  • Selecting a mortgage loan option
  • Making an offer on a home, doing an inspection and closing on your loan

Fixed Rate Mortgage

These mortgage loans have a rate and monthly payment that stay the same throughout the lifetime of the loan. We offer fixed rate mortgage 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 Adjustable Rate Mortgage (ARMs)


10 Year Quick Close Mortgage

​​This mortgage loan closes in as quickly as 10 business days, whether it's a new purchase or financing your existing mortgage loan.

Consider this type of loan if:
  • You want a no closing cost option
  • You are looking to close quickly on the property
  • The value of the property is less than $150,000.

Jumbo Mortgage

If your dream house requires a loan amount higher than a conforming loan (typically $417,000), Elevations will work with you to find the best options for financing. We offer Fixed Rate and Adjustable Rate Mortgage options.

Fixed Rate Jumbo Mortgage with 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

​​Adjustable Rate Jumbo Mortgage with 3, 5, 7, or 10 year terms

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

Adjustable Rate Mortgages (ARM)

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 1, 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

1 year ARM

  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • Maximum of 6% total rate change over the life of the loan​

3 and 5 year ARMs

  • Maximum of 2% initial rate change after introductory term
  • Maximum of 2% rate change per year, each additional year
  • 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 2% rate change per year, each additional year
  • Maximum of 5% total rate change over the life of the loan​

FHA Loans

​​A Federal Housing Administration (FHA) insured 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 home buyer
  • A lower down payment option fits your budget
  • You are just beginning to build your credit
  • Conforming loans are typically up to $417,000.

Combination Loans (80/10/10)

​​A Combination Loan refers to a first mortgage taken out in combination with a home equity loan or line of credit (often referred to as a second mortgage). Elevations offers combination loans for up to 90% of your home’s value with conforming and jumbo loan options. 


No Closing Cost Option

A no closing cost option is available in conjunction with conforming loans. In exchange of Elevations paying all non-recurring closing costs (lender fees, title fees, recording, etc.) the borrower pays a slightly higher interest rate. 

Consider this type of loan if:

  • You are a first-time home buyer
  • You want to reserve cash for the down payment, remodeling, etc.
  • You're refinancing to lower your rate without a large expense

Niche Portfolio Products

Elevations has the ability to help our members when other financial institutions won't. If yo have a unique property or situation, call one of our Mortgage Professionals today.

Ready?

Apply Now

​Speak to an Elevations Mortgage Professional today. Call 303.443.4672 ext. 2289 or 800.429.7626 ext. 2289 or email mrtgs-star@elevationscu.com


Mortgage Rates

Terms
Interest Rate
Discount Point
APR
Terms 10 yr. Fixed
Interest Rate 2.875%
Discount Point 0.00%
APR* 3.022%
Terms 10 yr. Quick Close (no closing cost)
Interest Rate 3.375%
Discount Point 0.00%
APR* 3.404%
Terms 15 yr. Fixed
Interest Rate 2.875%
Discount Point 0.00%
APR* 2.976%
Terms 20 yr. Fixed
Interest Rate 3.375%
Discount Point 0.00%
APR* 3.457%
Terms 30 yr. Fixed
Interest Rate 3.500%
Discount Point 0.00%
APR* 3.559%
Terms 15 yr. Jumbo Fixed
Interest Rate 3.500%
Discount Point 0.00%
APR* 3.552%
Terms 20 yr. Jumbo Fixed
Interest Rate 3.875%
Discount Point 0.00%
APR* 3.917%
Terms 30 yr. Jumbo Fixed
Interest Rate 4.125%
Discount Point 0.00%
APR* 4.157%
Terms 1 yr. ARM*
Interest Rate 3.250%
Discount Point 0.00%
APR* 3.654%
Terms 3/1 ARM*
Interest Rate 3.125%**
Discount Point 0.00%
APR* 3.571%**
Terms 5/1 ARM*
Interest Rate 3.000%**
Discount Point 0.00%
APR* 3.463%**
Terms 7/1 ARM*
Interest Rate 3.500%**
Discount Point 0.00%
APR* 3.626%**
Terms 10/1 ARM*
Interest Rate 3.875%**
Discount Point 0.00%
APR* 3.454%**
Terms 3/1 ARM Jumbo*
Interest Rate 2.750%**
Discount Point 0.00%
APR* 3.457%**
Terms 5/1 ARM Jumbo*
Interest Rate 2.875%**
Discount Point 0.00%
APR* 3.390%**
Terms 7/1 ARM Jumbo*
Interest Rate 3.375%**
Discount Point 0.00%
APR* 3.537%**
Terms 10/1 ARM Jumbo*
Interest Rate 3.625%**
Discount Point 0.00%
APR* 3.654%**
  • Rates shown are subject to change.
  • APR = Annual Percentage Rate.
  • P&I = Principal and Interest Jumbo product required on loan amounts greater than $417,000.
  • Interest Rate, APR Calculations and Monthly Payment are based on the following assumptions: Based on $180,000 loan amount ($500,000 for Jumbo), LTV 80%, Credit Score 740.
  • LTV = Loan-to-Value, meaning the loan amount divided by the sales price (or appraised value, whichever is less)
  • Loan level price adjustments may apply.
  • Based on an interest rate of 4% a payment amount equals $4.78 per $1,000 for a 30 year term. This amount does not include taxes, insurance or mortgage insurance premiums which, if applicable, will result in a greater payment obligation.
  • Mortgage Loans are available on properties in Colorado.
  • Membership to Elevations Credit Union is required.
  • *ARM - Adjustable Rate Mortgage. Rates are fixed for the first 1, 3, 5, 7 or 10 years depending on product then adjust yearly.
  • ** Interest Rate and APR are only fixed for the 1, 3, 5, 7 or 10 year term and may adjust after the fixed term.
  • *** Monthly Principal and Interest Payment may adjust after the fixed term.

© Elevations Credit Union. All Rights Reserved. Routing# 307074580
This site is best viewed with a standards compliant browser.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency