Skip Navigation

Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view. Download Adobe© Acrobat Reader.

Menu icon Menu

Tap into Your Home's Value with a Home Equity Loan or Line


Looking to renovate your home or consolidate debt? A home equity loan or home equity line of credit (HELOC) from Central One can help you leverage your home's value.


Apply Now

or Call 800-527-1017


There are two ways to get value from your owner-occupied or second home, either a Home Equity Loan or a Home Equity Line of Credit. The right choice depends on your situation and your needs. Compare the options below, or call a member support specialist to help determine what option is right for you.


Home Equity Loan

A home equity loan is a single disbursement loan with a fixed rate and term. With a Central One home equity loan, you receive the money up front and you start making payments immediately. 

Central One only offers home equity loans for owner-occupied and second homes.

Benefits

  • Borrow up to 80% of the appraised value of your home or 70% of the tax-assessment value*
  • Fixed monthly payments and fixed interest rate for the life of the loan
  • No application fee and no points
  • Interest may be tax deductible (consult your tax advisor)
  • No closing costs for properties within Worcester County, except appraisals**

Best Use

A home equity loan is often used when you need a specific amount for an immediate need, such as:

  • Consolidating student or other high-interest debt
  • Major home renovation
  • Family vacation


*Less first mortgage balance. 70% is the maximum loan-to-value on condominiums. 

**Any loan amount over $250,000 will require an appraisal. Title search fees may apply for properties outside of Worcester County or properties obtained through a foreclosure deed.


Home Equity Line of Credit (HELOC)

A home equity line of credit (HELOC) is an open-ended line of credit in which your home serves as collateral. Similar to a credit card, you can borrow what you need, as you need it, until you reach your credit limit. 

Central One only offers HELOCs on owner-occupied and second homes.

Benefits

  • Borrow up to 80% of the appraised value of your home or 70% of the tax-assessment value*
  • Only pay interest on the funds you borrow
  • Variable interest rate starting as low as Prime minus 1%
  • Flexible payment terms of up to 30 years
  • Rate only adjusts once per year, on the 15th of the month in which the line was opened, even if Prime goes up!
  • Interest may be tax deductible (consult your tax advisor)
  • No closing costs for properties within Worcester County, (except appraisal and title search if required)**

Accessing Funds

Accessing funds from your HELOC is simple using online or mobile banking. Easily transfer funds from your home equity line of credit to your checking (or other account) from inside online or mobile banking. 

Funds may also be accessed by using the check book provided to you when you opened your home equity line of credit.

Best Use

A home equity line of credit is often considered when you anticipate needing funds over time, or if you are self-employed or have variable income. Uses include:

  • Ongoing medical expenses
  • Home improvements


*Less first mortgage balance. 70% is the maximum loan-to-value on condominiums. 

**Any loan amount over $250,000 will require an appraisal. Title search fees may apply for properties outside of Worcester County or properties obtained through a foreclosure deed.