*THIS SPECIAL HAS EXPIRED* - ELFCU Introduces 15-Year Mortgage Special for Limited Time

Published: Friday, February 3, 2012 7:00 am

Mortgage rates remain at historic lows, and we’ve slashed our closing costs on our 15-year home loan option. If you haven’t refinanced your mortgage from another financial institution, this might be the offer you’ve been waiting for. Reduce your mortgage term now with our 15-Year Mortgage Special*. [This limited time special is no longer available. Thanks to all for your interest in the credit union's mortgage program.]

You’ll enjoy flat-rate closing costs at just $750^{^} — highly discounted from the current market average. Save on closing costs so you can invest in your home, either existing or new.

This is a limited time offer ELFCU will grant on a first come; first served basis. Don’t miss the opportunity to get a shorter term, discounted closing costs, a competitive rate, and the priceless mortgage expertise and support for which your credit union is known. Consider all of it a special package deal exclusive to members seeking to refinance or buy a home with a mortgage beyond the traditional 30-year option.

To explore this smart money solution, call our Mortgage Hotline today at 317.277.8226 or 800.561.9433.

Rates are subject to change daily; special does not apply to ELFCU refinances.

*Loan example: A 15-year mortgage loan for $150,000 with a fixed Annual Percentage Rate of 3.455% would have a monthly payment of $1,063.14, no points and closing costs of $750. Example assumes property is based in Indiana, FICO score of 740 or greater and loan to value of 80% for a single family primary residence.

^Assumes no non-customary services or state-specific fees. The cost of those items would be additional.

Comment

@David: Our goal is to support all members? financial success with comprehensive banking resources. If you were unable to participate this time, we assure you we will be back with other specials. Meanwhile, we apologize for the confusion you encountered and the time you spent on the application process. We do value your business.

I stand corrected... now I see it listed online that this offer does not apply to ELFCU refinances. Still, it wasn't explained to me during my application process nor was I told I was ineligible before going through everything. I am glad you are stating this online now, but I do not recall seeing that before or else I would have never called in the first place.

Posted by David on February 24, 2012

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I was disappointed after going through the entire loan process (including taking time off work so that a property appraisal could be completed) to find out what was not in the email or online posting (nor mentioned to me prior to going through the process) that current ELFCU mortgages were ineligible for this program. While I understand the goal of winning over business from outside loans, I still think it should have been clearly posted so people such as myself wouldn't have gone through the entire hassle without reason. It held up my Equity Line from SunTrust and now they are not returning my calls, since I put their loan on hold to complete this first! Now waiting on a refund of my application fee, since the whole experience turned out to be a complete waste of time. I don't blame the person who responded to my call, she was trying to get me the best product option available. I blame the Credit Union for not communicating this clearly in both the email and website posting. This stipulation is STILL not mentioned online even now.

Posted by David on February 24, 2012

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@Melissa; We promoted this special through our website and our biweekly enewsletter for members called eRemedies. The offer ran for a limited window of time. If you missed it, rest assured we'll have other valuable offers to come. Meanwhile, we will have an ELFCU mortgage representative reach out to you. We might be able to help you through another program. Thank you for your interest and your comments.

Would have been nice to have received an email about this "Special" or some type of communication. This is just what we have been wanting to do and our mortgage compmany continuously to harasses us about refinancing but wants tons of money to do so.

Posted by Melissa on February 10, 2012

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@Pam: Thanks for reaching out to us. An ELFCU represenative will be in touch with you.

I am very disappointed that it was not offered to long-term customers. I am also disappointed that I left more than one message for someone to call me and have yet to receive a response.

Posted by Pam on February 8, 2012

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@ Sandy, Adam, and Marianna: At ELFCU, we value all members and their business with us. While this particular mortgage offer was limited in scope and timing, you can count on more specials and the committed and consistent products and services our members have enjoyed for more than 80 years. Our goal is to support all members' financial success with comprehensive banking resources. If you were unable to participate this time, we assure you we will be back with other competitive offers.

Ditto on the refinance for ELFCU current members. I have a CU mtg at 6.38% and would love to refinance. Maybe I'll go to another institution and see what they can do for me. I've been a member 40 years and have lots of assets there, and not getting much in return. Sandy Snodgrass

Posted by Sandy Snodgrass on February 8, 2012

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This is the proverbial straw that broke the camels back in my mind. I will be seeking another financial institution with all due speed for my ELFCU mortgage and possibly more. I was jerked around in a 2009 refinance with ELFCU that lasted several months due to missing paperwork and poor communication on ELFCU's part. Now seeing that others can bring in an outside mortgage for refinancing at a low cost and rate, but existing ELFCU members are excluded is absurd. Seems like there should be some reward of loyalty for existing customers and if nothing else, this offer should be extended for all members. Based this promotional exclusion of existing members, I will never recommend ELFCU for any financial services to anyone.

Posted by Adam on February 8, 2012

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Echo sentiments above - disappointed it does not apply to existing mortgage customers. Wasn't planning to shop around, but now I think I'll see what others are offering.

Posted by Marianna on February 7, 2012

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I agree with other comments posted that this opportunity should be available to all current mortgage holders before those folks refinance TO another lending institution. Please reconsider opening this opportunity up to all existing ELFCU mortgage holders.

Posted by marketing on February 7, 2012

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@William: Thank you for making us aware of the delay. An ELFCU mortgage representative will be in touch.

I am waiting on email for application. Talked to someone Monday about procedure and she said she would email the app to me. Cannot get a return call from the hotline number so far today.

Posted by William Whitaker on February 7, 2012

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@Joseph: There are many competitive mortgage offers on the market. We advise members to carefully compare rates, closing costs, costs such as PMI (private mortgage insurance), and other factors such as quality of service before deciding what mortgage offer is best for you. We do believe at ELFCU that our program outshines those of our competitors. Let us know if we can help you. Thanks for your comment.

some companies are waving all the closing costs. ZERO

Posted by Joseph K. Jones on February 6, 2012

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@ Marsha & Nancy:At ELFCU, we appreciate our loyal members. While this particular special is designed for members with mortgages at other financial institutions, rest assured that we continually seek value and benefits for our existing mortgage holders. As a cooperative business, when ELFCU grows its new business, all members benefit. Thank you for sharing your concerns.

Disappointed that you are not offering this special to existing long-term customers.

Posted by Marsha on February 5, 2012

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I would like to see all comments that are posted to see if others believe this is unfair to your supposed "valued" current ELFCU mortgage holders who would like to take advantage of this offer to refinance.

Posted by Nancy Raisor on February 3, 2012