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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 home financing options that can be tailored for your unique situation.


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 with the Prime rate 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.


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!


Apply Now

or call a Mortgage Specialist at 800-527-1017.


Current ARM Rates:

ARM Loan to Value Rate
APR
Est. Payment More
Information
10/5 ARM ≤ 75% 3.500% 3.628% Calculate
Additional Information
> 75% 3.750% 3.876% Calculate
Additional Information
5/1 ARM ≤ 75% 3.250% 3.281% Calculate
Additional Information
> 75% 3.500% 3.530% Calculate
Additional Information
3/3 ARM ≤ 75% 3.000% 3.612% Calculate
Additional Information
> 75% 3.250% 3.859% Calculate
Additional Information
1/1 ARM ≤ 75% 2.750% 3.241% Calculate
Additional Information
> 75% 3.000% 3.489% Calculate
Additional Information

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! 

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.



Apply Now 

or call a Mortgage Specialist at 800-527-1017.





Construction and Renovation Loans

Whether you're planning to hire a contractor or "Do It Yourself", 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



Apply Now 

or call a Mortgage Specialist at 800-527-1017.



* $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 the MyChoice Mortgage Refi Program? Click here.