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Rates and Terms30 year Fixed Rate Mortgage
as low as10/5 Adjustable Rate Mortgage
as low as15/5 Adjustable Rate Mortgage
rate as low asMortgage products for a new purchase or refinance
First Time Home Buyer
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Banks and credit unions in Central Massachusetts offer programs for first‑time home buyers, but many local buyers choose Central One Federal Credit Union for its personalized guidance, competitive rates, and flexible mortgage options. Central One provides support throughout the entire home‑buying process, helping first‑time buyers understand their financing choices, explore down‑payment assistance programs, and secure a mortgage that fits their budget. With local decision‑making and a strong commitment to member-focused service, Central One is a trusted partner for first‑time home buyers across the region
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Mortgage rates vary by loan type and individual financial profile, but Central One is known for offering highly competitive rates to home buyers and homeowners throughout Central Massachusetts. As a not‑for‑profit credit union, Central One reinvests earnings into better rates and lower fees for members. Buyers can explore fixed‑rate and adjustable‑rate options, get pre‑approved quickly, and work directly with local mortgage specialists who understand the Central Massachusetts housing market.
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Home buyers in Central Massachusetts often look for lenders who combine strong rates, local expertise, and personalized service. Central One is consistently recognized as one of the region’s top home loan providers, offering a full range of mortgage products, including conventional loans, jumbo loans, first‑time buyer programs, and refinancing options. With branches in Auburn, Milford, Northborough, Shrewsbury, Westborough, and Worcester, plus convenient online applications, Central One makes it easy for borrowers to get expert guidance and secure the right home loan.
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Central One offers a quick and convenient pre‑approval process designed to help members move confidently in today’s competitive Central Massachusetts housing market. With decisions made locally and a responsive mortgage team ready to help, many members receive pre‑approval promptly, giving them a stronger position when making an offer and a smoother path to homeownership.
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As a not‑for‑profit credit union, Central One reinvests earnings into better rates and lower fees for members. That means competitive mortgage options, personalized service, and a smoother experience from a team that understands the Central Massachusetts housing market.
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Yes. Central One offers refinancing options that can help lower your interest rate, reduce your monthly payment, or shorten your loan term. Our mortgage specialists can review your current loan and help you determine whether refinancing is the right move for your financial goals.
Looking to put no money down?
Central One offers 100% financing option on select mortgages
- Available on 10/5 adjustable and 12, 10, and 7 year fixed rate mortgages
- Must be primary residence (single family home/condo)
- Purchase only
- Must meet minimum credit score requirement
Other terms and conditions apply
Want to reduce the upfront cost?
Want to reduce the upfront cost of your home purchase?
- Shop with one of these local realtors
- Open a Premium Checking account to be eligible for reduced rates.
Get an insurance quote from Oak Tree Insurance
Oak Tree Insurance Agency, located inside the Central One main office in Shrewsbury, provides members with competitive insurance options to meet your unique needs. They'll do the shopping for you, comparing rates and services across a number of insurance providers to ensure you get the best possible coverage for your uniques situation.
Manage your Mortgage
Apply for a mortgage on your own terms
Start your application today
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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All loan programs, rates, terms and conditions are subject to change
*Requirements for mortgage rate reduction: Must have a Premium Checking account. In addition to maintaining all other membership and Premium Checking account requirements, mortgage must be on primary residence purchase only. Loan approval and actual rate will be determined based on credit history, term, loan to value, and other factors. Payments do not include taxes and insurance.Â
**No Closing Cost program has a minimum loan amount of $125,000. Available on owner-occupied homes only. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change.
*** $500 savings for using one of the local realtors may not be combined with our no-closing-cost program or other Central One Federal Credit Union programs.MyChoice Mortgage Refinance Disclosure: First position mortgage only. Property must be owner-occupied. Appraisal is needed for any loan to value over 70% of assessed, or any loan amount over $400,000, max loan to value is 80% of appraised value. If you live outside of Worcester County, additional Appraisal and Title Search Fees may apply. Actual rate will be determined based on credit history, term, loan to value and other factors. Other restrictions may apply.
Oak Tree Insurance Agency (Oak Tree Insurance Agency, LLC) is an affiliate of Central One Federal Credit Union. Business conducted with Oak Tree Insurance is separate and distinct from any business conducted with the Credit Union. Insurance products are not deposits of Central One and are not protected by the NCUA.
Darcy Petit
Rates
| ARM | Loan to Value | Rate | *APR | Details |
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| 15/5 ARM** | ≤ 75% |
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More Information |
| 15/5 ARM** | > 75% |
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More Information |
| 10/5 ARM | ≤ 75% |
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More Information |
| 10/5 ARM | > 75% |
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More Information |
| 5/1 ARM | ≤ 75% |
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More Information |
| 5/1 ARM | > 75% |
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More Information |
| 3/3 ARM | ≤ 75% |
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More Information |
| 3/3 ARM | > 75% |
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More Information |
| 1/1 ARM | ≤ 75% |
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More Information |
| 1/1 ARM | > 75% |
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More Information |
Rates are subject to change.
*APR-Annual Percentage Rate
Adjustable rates are variable
Adjustable-Rate Mortgage (ARM) Disclosure: Actual rate will be determined based on credit history, term, loan to value and other factors.
** 15/5 ARM (adjustable-rate mortgage) available for first time home buyers only with terms available up to 40 years.
| Fixed Term | Points | Rate | APR |
|---|---|---|---|
| 7 Year | 0 |
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| 7 Year | 1 |
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| 7 Year | 2 |
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| 7 Year | No Closing Costs |
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| 10 Year | 0 |
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| 10 Year | 1 |
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| 10 Year | 2 |
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| 10 Year | No Closing Costs |
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| 12 Year | 0 |
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| 12 Year | 1 |
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| 12 Year | 2 |
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| 12 Year | No Closing Costs |
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| 15 Year | 0 |
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| 15 Year | 1 |
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| 15 Year | 2 |
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| 15 Year | No Closing Costs |
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| 20 Year | 0 |
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| 20 Year | 1 |
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| 20 Year | 2 |
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| 20 Year | No Closing Costs |
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| 30 Year | 0 |
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| 30 Year | 1 |
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| 30 Year | 2 |
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| 30 Year | No Closing Costs |
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Rates effective as of: March 8, 2026
Rates are subject to change.
*APR-Annual Percentage Rate
Fixed Rate Mortgage Disclosure: Published rates are based on purchase transactions with 25% down. Actual rate will be determined based on credit history, term, loan to value and other factors. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change.
| Term | *APR |
|---|---|
| 7 years or less |
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| 7 to 10 years |
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| 10 to 12 years |
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Rates effective as of: March 8, 2026
*APR: Annual Percentage Rate
Rates are subject to change.
MyChoice Mortgage Refinance Disclosure: First position mortgage only. Property must be owner-occupied. Appraisal is needed for any loan to value over 70% of assessed, or any loan amount over $400,000, max loan to value is 80% of appraised value. If you live outside of Worcester County, additional Appraisal and Title Search Fees may apply. Actual rate will be determined based on credit history, term, loan to value and other factors. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change.
Disclosures
All loan programs, rates, terms and conditions are subject to change. Taxes and insurance are not included in payments.
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Adjustable Rate Mortgages
ARM Rates
| ARM | Loan to Value | Rate | *APR | Details |
|---|---|---|---|---|
| 15/5 ARM** | ≤ 75% |
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More Information |
| 15/5 ARM** | > 75% |
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More Information |
| 10/5 ARM | ≤ 75% |
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More Information |
| 10/5 ARM | > 75% |
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More Information |
| 5/1 ARM | ≤ 75% |
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More Information |
| 5/1 ARM | > 75% |
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More Information |
| 3/3 ARM | ≤ 75% |
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More Information |
| 3/3 ARM | > 75% |
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More Information |
| 1/1 ARM | ≤ 75% |
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More Information |
| 1/1 ARM | > 75% |
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More Information |
Rates are subject to change.
*APR-Annual Percentage Rate
Adjustable rates are variable
Adjustable-Rate Mortgage (ARM) Disclosure: Actual rate will be determined based on credit history, term, loan to value and other factors.
** 15/5 ARM (adjustable-rate mortgage) available for first time home buyers only with terms available up to 40 years.
Adjustable-Rate Mortgages at no cost to you. You’ll get the lowest published rate from the date you apply up to 7 days prior to closing (not to exceed 120 days). If rates decrease at all prior to closing, you receive the lower rate. Save an extra .25% on your adjustable mortgage rate by having a Premium Checking account when purchasing a primary residence.
Our adjustable-rate mortgages offer you low initial rates to fit your situation – whether a first-time home buyer or looking to stay in your home for less than 10 years. ARM’s lock in a fixed rate and then adjust based on the term you choose. Our popular 10/5 ARM gives you the comfort of a fixed rate for 10 years and then adjusts once every 5 years.
To limit your risk of rate fluctuation, Central One caps the interest rate change to 2% (up or down) at every review period and 5% (up or down) over the life of the mortgage.
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Best for:
- First time home buyers
- Those planning to live in their new home for 10 years or less
- Those wanting a lower down payment and lower closing costs
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Benefits of a 10/5 ARM
- Low down payment for qualified applicants
- Reduced closing costs compared to a fixed rate mortgage
- Often an APR much lower than a 30 year fixed rate mortgage
- No prepayment penalties
- Rate reduction for setting up automatic payments from your Central One checking account
- Flexible terms available
- Servicing from Central One for the life of the loan
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Fixed Rate Mortgages
Fixed Rates
| Fixed Term | Points | Rate | APR |
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| 7 Year | 0 |
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| 7 Year | 1 |
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| 7 Year | 2 |
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| 7 Year | No Closing Costs |
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| 10 Year | 0 |
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| 10 Year | 1 |
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| 10 Year | 2 |
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| 10 Year | No Closing Costs |
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| 12 Year | 0 |
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| 12 Year | 1 |
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| 12 Year | 2 |
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| 12 Year | No Closing Costs |
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| 15 Year | 0 |
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| 15 Year | 1 |
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| 15 Year | 2 |
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| 15 Year | No Closing Costs |
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| 20 Year | 0 |
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| 20 Year | 1 |
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| 20 Year | 2 |
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| 20 Year | No Closing Costs |
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| 30 Year | 0 |
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| 30 Year | 1 |
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| 30 Year | 2 |
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| 30 Year | No Closing Costs |
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Rates effective as of: March 8, 2026
Rates are subject to change.
*APR-Annual Percentage Rate
Fixed Rate Mortgage Disclosure: Published rates are based on purchase transactions with 25% down. Actual rate will be determined based on credit history, term, loan to value and other factors. Other restrictions may apply. All loan programs, rates, terms and conditions are subject to change.
Are you looking for your forever home? Do you want peace of mind knowing that your mortgage rate will stay fixed for the life of the loan? Then a fixed rate mortgage is right for you! Take advantage of our 60 day no fee rate lock at the time of your application.  Loan must close and be disbursed within 60 days.
Best for:
- Forever homes
- Those planning to live in their home for 10 years or more
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Benefits of a Fixed Rate Mortgage:
- Peace of mind knowing your rate will never go up
- Low down payments for qualified applicants
- No prepayment penalties
- Flexible terms available
- Servicing from Central One for the life of the loan
Jumbo Mortgages
Needing a larger loan? Central One has great Adjustable Rate option available to you.
MyChoice Mortgage Refi
Retirement will be here before you know it.
Wouldn’t it be great if your mortgage retired with you?
With a MyChoice Retirement Mortgage you can refinance your current mortgage at a fixed rate as low as 6.750% APR and set the maturity date to match your planned retirement — save now with a great rate and retire free from mortgage debt!
- You choose the maturity date, up to 144 months
- Reduce your current interest rate
- No closing costs
- No application fee
- No appraisal needed*
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And, the mortgage is serviced locally and never sold.
Construction and Renovation Loans
If you are planning to build or renovate a home, Central One has an option to meet your construction and renovation needs.
- Monthly interest-only payments during the construction period
- Up to 6 months construction period to allow ample time for your project
- Flexible terms available
- Construction loans automatically convert to an ARM (Adjustable-Rate Mortgage) at the end of the construction period
- Only one loan closing, saving you closing costs and headaches
- Financing available for one or two-family owner-occupied homes, second homes or vacation homes
Land Loans
A Land Loan allows you to purchase land for the future construction of your home.
Features:
- Competitive rate
- Flexible terms available for both fixed and adjustable rates
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.
Investment Property
Interested in purchasing an investment property?
Central One has options for you based on down payment, terms and your investment needs.
If you are looking for a Commercial Investment Property check out our Commercial Lending.
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Oak Tree Insurance Agency
Oak Tree Insurance Agency, located inside the Central One main office in Shrewsbury, provides members with competitive insurance options to meet your unique needs. They’ll do the shopping for you, comparing rates and services across a number of insurance providers to ensure you get the best possible coverage for your uniques situation.
Renter's Insurance
Your landlord’s policy only protect their assets, not yours. Renter’s insurance is an affordable way to keep you covered in case of disaster or theft.
Homeowner Insurance
Your home is the biggest investment you’ll ever make. With a homeowner policy from Oak Tree Insurance, you can protect that investment. We’ll compare rates and service from several companies to find the best savings.
Already have a homeowner policy? Schedule a no-cost, no-obligation policy review to find out how much we can save you!
Homeowners policies for:
- One to Four Family Homes
- Primary, Secondary or Seasonal Homes
- High Value Homes
- Condominium Unit Owners
- Dwelling Fire
- Mobile Home
- Flood Insurance
- Costal Properties
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Adjustable Rate Mortgages
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The 15/5 Adjustable Rate Mortgage offers a fixed APR of for the first 15 years then adjusts to a new rate every 5 years.
Term: Available for terms up to 40 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies, or we will not be able to process your application. Payments do not include taxes and insurance.Â
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The 15/5 Adjustable Rate Mortgage offers a fixed APR of for the first 15 years then adjusts to a new rate every 5 years.
Term: Available for terms up to 40 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application. Payments do not include taxes and insurance.Â
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The 10/5 Adjustable Rate Mortgage offers a fixed APR of for the first 10 years then adjusts to a new rate every 5 years.
Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application. Payments do not include taxes and insurance.Â
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The 10/5 Adjustable Rate Mortgage offers a fixed APR of for the first 10 years then adjusts to a new rate every 5 years.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30-year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies, or we will not be able to process your application.
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The 5/1 Adjustable Rate Mortgage offers a fixed APR of for the first 5 years then adjusts to a new rate every 1 year.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30-year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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The 5/1 Adjustable Rate Mortgage offers a fixed APR of for the first 5 years then adjusts to a new rate every 1 year.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies, or we will not be able to process your application.
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The 3/3 Adjustable Rate Mortgage offers a fixed APR of for the first 3 years then adjusts to a new rate every 3 years.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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The 3/3 Adjustable Rate Mortgage offers a fixed APR of for the first 3 years then adjusts to a new rate every 3 years.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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The 1/1 Adjustable Rate Mortgage offers a fixed APR of for the first 1 year then adjusts to a new rate every 1 year.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30-year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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The 1/1 Adjustable Rate Mortgage offers a fixed APR of for the first 1 year then adjusts to a new rate every 1 year.
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Term: Available for terms up to 30 years.
Rate caps: 2% per adjustment and 5% over the initial rate for the life of the loan.
Benefits: Central One’s ARMs often have lower down payment requirements, lower initial monthly payments and lower initial APRs than a 30 year fixed rate.
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Calculate your monthly payment using the ARM Mortgage Calculator
Prior to applying, please make sure your credit is not frozen by the credit reporting agencies or we will not be able to process your application.
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Order Checks for your Home Equity Line of Credit (HELOC)
You can order checks through this link Order Checks or by calling 800-355-8123. You will need to input your account number and the Central One routing number (211387169). As a security precaution, you will not be able to change the address on the checks and all orders will be sent to the address of record on the account.
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