Mortgage Programs

As a member of Central One you are eligible for all of our Mortgage and Home Equity Programs. Whether purchasing a home, refinancing an existing mortgage or building your dream house, consider one of the many competitive programs that your Credit Union offers. In most cases, closing costs may be rolled into your loan amount.

With our new online mortgage software, you can apply for a mortgage online and get an instant decision so you'll know right away how much house you can afford.

Central One offers Fixed Rate Mortgages. Your interest rate and monthly loan payment will remain constant for the life of the loan, allowing you to budget accordingly.

• Loans available to applicants with as little as 3% down.
• Terms up to 40 years.
• No prepayment penalties
• Loan Payments can be made through Direct Deposit, Payroll Deduction, ACH, Tel-Talk or Central Net.
• Monthly billing available.
• Pre-qualifications
• Your mortgage interest may be tax deductible. Consult your tax advisor.
• Point options available to reduce your rate & payments.
• Servicing maintained by Central One.

Adjustable Rate Mortgages (ARM's) have a variable interest rate. The interest rate and the monthly payment may change periodically, depending upon the program you choose.

Rate Caps
To limit the risk of rate fluctuations, these mortgage loans have interest rate caps. These caps dictate a maximum increase or decrease to your interest rate allowable at each rate change, as well as the maximum rate change allowable for the life of the loan.

Our interest rate cap is 2% (up or down) at every review and 6% over the lifetime of the mortgage. Generally, ARM rates are lower than Fixed Rate Mortgages.

• Loans available to applicants with as little as 3% down.
• Terms up to 40 years.
• No prepayment penalties
• Loan Payments can be made through Direct Deposit, Payroll Deduction, ACH, Tel-Talk or Central Net.
• Monthly billing available.
• Pre-qualifications.
• Your mortgage interest may be tax deductible. Consult your tax advisor.
• Point options available to reduce your rate & payments.
• Servicing maintained by Central One.

Our 1st Time Home Buyer's program is available to members who are buying their very first home, or who have not purchased a home in XX years.

• Up to 95% LTV
• Available with the 3/3 ARM or the 5/1 ARM
• Rate reduced by .25% from published rates
• Additional .25% rate reduction with direct deposit of paycheck
• Up to 40 year term available
• Pre-qualifications
• No pre-payment penalties
• Monthly billing or auto payment options

Upon closing, you will also receive a $1,000 pre-approved Visa card and a $50.00 Home Depot gift card.

This program assists the applicant in covering closing costs associated with the loan, whether it is a purchase or refinance and is ideal for the applicant(s) who has little cash or does not wish to spend their cash to obtain a first mortgage.

• Up to 1% of the loan amount as a credit against closing costs ona first mortgage loan.
• This program is available with the 3-year ARM and Fixed Rate Mortgages only.
  • The rate on the 3-year ARM is 1/2% higher than the published rate during the initial 36-month period.
  • The rate on the Fixed Rate Mortgage is typically 3/8% higher than the published rate.

A Land Loan allows you to purchase land for the future construction of your home. Central One offers a Land Loan, with a competitive rate, for a term of up to 15 years on a fixed rate and 30 year on an adjustable rate loan. A down payment of 25% is required. The land has to qualify as a buildable lot, which means it should meet town zoning requirements and if private sewage is necessary, it should have an approved septic design. Call the Credit Union for additional qualifications.

We offer a Construction Loan to help you build your home and a Renovation Loan if you plan to add on. We can accommodate your needs, whether you've hired a contractor or plan to coordinate much of the work yourself. Your monthly payment will consist of interest only during the construction period at a very competitive rate. We allow up to one year construction period, to allow ample time to complete your project with loan terms of up to 30 years. Construction Loans automatically convert to an ARM (Adjustable Rate Mortgage) at the end of the construction period. This means there's only one loan closing, saving you money. This loan can be used for One or Two-Family Owner-Occupied Homes, as well as Second or Vacation Homes.

Application
Apply online for pre-qualification on mortgage loans, or apply in person at any Credit Union location.