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Mortgages

Couple standing outside new home.

Mortgage options designed for you!

Whether you're a first time home buyer or an experienced owner, we have financing options that can be tailored for your unique situation. 

Want more savings? 

Central Advantage members receive special rates and benefits* on primary residence purchases such as: 

• Reduced adjustable rates

• Low fixed rates on jumbo loans

• First time home buyers can receive 1 point fixed rate without having to pay the point

• $500 Home Depot gift card after closing for first time home buyers

Click to learn more about Central Advantage

Adjustable Rate Mortgages

Most first time home owners stay in their home for less than 10 years. That's why Central One is offering the 10/5 ARM. This adjustable rate mortgage locks in a fixed rate for the first 10 years. After the first 10 years, the rate 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. 


Current ARM Rates - including Jumbo Rates*

ARM Loan to Value Rate
APR
Est. Payment More
Information
10/5 ARM ≤ 75% 4.250 % 4.515 % Calculate
Additional Information
> 75% 4.500 % 4.953 % Calculate
Additional Information
5/1 ARM ≤ 75% 4.000 % 4.429 % Calculate
Additional Information
> 75% 4.250 % 4.861 % Calculate
Additional Information
3/3 ARM ≤ 75% 3.750 % 4.736 % Calculate
Additional Information
> 75% 4.000 % 5.300 % Calculate
Additional Information
1/1 ARM ≤ 75% 3.500 % 4.562 % Calculate
Additional Information
> 75% 3.750 % 5.140 % Calculate

Best for: 

  • First time home buyers
  • Those planning to live in their new home for 10 years or less
  • Those wanting a lower downpayment and lower closing costs

Benefits of a 10/5 ARM

  • As little as 3% down 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
  • Terms of up to 30 years

Suggested Calculators

Want to reduce the upfront cost of your home purchase?

  • Shop with one of these local realtors and save $500 on your closing costs!*** 
  • If you live in certain counties, Central One will cover a portion of your closing costs if you put a "Financed by Central One" sign in your yard. Ask a lending representative for more information.
  • First time home buyers can plan ahead with the Future Focus Home Savings Plan and receive 1% of the loan value back as a credit towards closing costs. Click for details!


Fixed Rate Mortgages

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! 

Current Fixed Rates (Jumbo Rates* Available - primary residence purchases only)

Fixed Term Points Rate
APR
Est. Payment
7 Year 0 3.625 % 3.668 % Calculate
1 3.500 % 3.838 % Calculate
2 3.375 % 4.010 % Calculate
No Closing Costs** 4.375 % 4.375 % Calculate
10 Year 0 3.875 % 3.906 % Calculate
1 3.750 % 3.993 % Calculate
2 3.625 % 4.083 % Calculate
No Closing Costs**
4.375 % 4.375 % Calculate
12 Year 0 3.875 % 3.901 % Calculate
1 3.750 % 3.956 % Calculate
2 3.625 % 4.013 % Calculate
No Closing Costs**
4.375 % 4.375 % Calculate
15 Year 0 4.000 % 4.022 % Calculate
1 3.875 % 4.044 % Calculate
2 3.750 % 4.068 % Calculate
No Closing Costs**
4.500 % 4.50 % Calculate
20 Year 0 4.375 % 4.392 % Calculate
1 4.250 % 4.384 % Calculate
2 4.125 % 4.376 % Calculate
No Closing Costs**
4.625 % 4.625 % Calculate
30 Year 0 4.625 % 4.638 % Calculate
1 4.500 % 4.599 % Calculate
2 4.375 % 4.559 % Calculate
No Closing Costs**
4.875 % 4.875 % Calculate

Best for: 

  • Forever homes
  • Those planning to live in their home for 10 years or more

Benefits of a Fixed Rate Mortgage

  • Peace of mind knowing your rate will never go up
  • As little as 5% down for qualified applicants
  • No prepayment penalties
  • Terms of up to 30 years

Suggested Calculators

Want to reduce the upfront cost of your home purchase?

  • Shop with one of these local realtors and save $500 on your closing costs!***
  • If you live in certain counties, Central One will cover a portion of your closing costs if you put a "Financed by Central One" sign in your yard. Ask a lending representative for more information.

Want to reduce your APR?

  • Purchase points to reduce your rate and payments.



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
  • Loan terms of up to 30 years
  • 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
  • Term of up to 15 years on a fixed rate
  • Term of up to 20 year on an adjustable rate
  • Down payment of 25% is required

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.


Contact Us Check Submitted Application Status or call a Mortgage Specialist at 800-527-1017.


* Benefits that include  jumbo fixed rates and mortgage rate reduction: Requirements:-In addition to maintaining all other membership and Central Advantage account requirements, mortgage must be on primary residence purchase only. All loan programs, rates, terms and conditions are subject to change. Loan approval and actual rate will be determined based on credit history, term, loan to value, and other factors. Please contact all a lending specialist at 800-527-1017 for additional information. 

**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. Call a lending specialist at 800-527-1017 for more information. 

*** $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.


Looking for Reverse Mortgages? Click Here.

Looking for the MyChoice Mortgage Refi Program? Click here.