Mortgage Loan Options

Elevations has the right loan options to fit you and your mortgage lending needs.


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 homebuyer
    • 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 option if:

    • You are a first-time homebuyer
    • You want to preserve 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 you 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


    Elevations Credit Union offers Energy Loans for your business or home.