A Home Equity Line of Credit (open-end-credit) is a form of revolving credit in which your home serves as collateral. It gives you a predetermined limit, allows you to access money when you need it and you only pay interest on the amount that is borrowed.

Features/Benefits

	Borrow up to 90% of the appraised value of your home, or 80% of the tax assessment value, less your 1st mortgage balance.
	Interest only.
	Variable interest rate start as low as Prime minus 1.5% up to 80% of appraised value. Rates adjusted annually on the 15th of the month in which the line was opened.
	PRIME minus 1.5% rate includes a ½% rate discount if you also have your first mortgage with Central One, or if your Home Equity Line is your only mortgage!
	Flexible payment term of up to 40 years.
	Money you borrow is available for future borrowing once you repay it.
	The Credit Union pays all Closing Costs for properties within Worcester County, except appraisals, if necessary. Title search fees may apply for properties outside of Worcester County or the state of Massachusetts.
	Interest may be tax-deductible (consult your Tax Advisor).

Easily Accessible Funds

	Check withdrawals.
	Transfer funds to another Credit Union account through Tel-Talk or Central Net.
	Call the Credit Union, use Tel-Talk or Central Net, stop by any Credit Union location.

A Home Equity Loan (closed-end-credit) is a single disbursement sum of money typically with a fixed rate and term that is usually used for a specific purpose. With a Home Equity Loan, you receive the money up front and you start making payments immediately. The Credit Union offers terms of up to 5, 10, or 15 years.

Features/Benefits

	Borrow up to 80% or 90% of the appraised value of your home, or 80% of the tax assessment value, less 1st mortgage balance.
	Fixed interest rate, fixed monthly payments, financial security.
	No Application Fees, No Points
	The Credit Union pays all Closing Costs, except appraisals, if necessary.
	Interest may be tax-deductible (consult your Tax Advisor).

Payment Options

	Transfer funds to another Credit Union account through Tel-Talk or Central Net.
	Have your loan payment made using Direct Deposit, Payroll Deduction or ACH. Call or email for details.
	Mail in your coupon book payment.

Simplified Application
Apply online, over the phone or stop by any Credit Union location to apply.