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


Looking to renovate your home or consolidate debt? A Home Equity Line of Credit (HELOC) or a Home Equity Loan 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 Line of Credit or Home Equity Loan. 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 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.

 

Today's rate is as low as 3.25 % APR*

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:

  • Consolidate debt
  • Ongoing medical expenses
  • Home improvements

Apply Now

or Call 800-527-1017


*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 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


Term APR as low as More Information
Up to 5 years 3.500 % Up to 70% of tax assessment or 80% of appraised value
less first mortgage balance
Up to 10 years 4.000 % Up to 70% of tax assessment or 80% of appraised value
less first mortgage balance
Up to 15 years 4.750 % Up to 70% of tax assessment or 80% of appraised value
less first mortgage balance
Up to 20 years 5.000 % Up to 70% of tax assessment or 80% of appraised value
less first mortgage balance

Rates effective as of 6/15/2017.

Apply Now

or Call 800-527-1017

*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) Disclosure: Variable interest rate as low as Prime minus 1%. Floor rate is 3.25% APR. The Prime Rate is published by the Wall Street Journal; the current Prime rate can be found at the WSJ website.Rate adjustment occurs once per year during month of account anniversary. Max APR is 17.5%. Actual rate will be determined based on credit history, term, loan to value and other factors. Home must be owner-occupied or second home. Borrow up to 80% of the appraised value of your home less first mortgage balance or 70% of the tax-assessment value less first mortgage balance. 70% is the maximum loan-to-value on condominiums, less first mortgage balance. Only pay interest on the funds you borrow. Minimum line amount of $7,500.Flexible payment terms of up to 30 years. Interest may be tax deductible (consult your tax advisor). No closing costs for properties within Worcester County with loans of $250,000 or less (except appraisal and title search if required). 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. Property and flood insurance may be required. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change. Call a lending specialist at 800-527-1017 for more information.

Home Equity Loan Disclosure: Home Equity Loan rates listed include 0.25% discount for Direct Deposit and Electronic Loan Payment when the payment is taken from a Central One account. Central One pays closing costs for properties within Worcester County, except appraisal and title search (if required). Appraisal required if LTV of the new loan is greater than 70% of Tax Assessment Value or 80% based on an appraisal. If you live outside of Worcester County, additional Appraisal Fees and Title Search Fees may apply. Actual rate will be determined based on credit history, term, loan to value and other factors. Property and flood insurance may be required. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change. Call a lending specialist at 800-527-1017 for more information.