Home Equity Lines and Loans

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 the value from your owner-occupied home or second home. The right choice depends on your situation and need. Compare the options below, or call a member support specialist to help determine which 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 where 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.

Best Uses

Consolidate Debt: Pay off high-interest credit card balances, student loans or other expenses.
Home Improvements: Use the funds to increase your home's value and your living experience.
Child's Education Expenses: Reduce your child's student loan burden with a lower rate HELOC.
Financial Protection: Sleep soundly knowing you have access to cash when you need it.

Benefits

Borrow up to 80% of the appraised value of your home or 70% of the tax-assessed value*
Only pay interest on the funds you borrow
Variable interest rate starting as low as Prime minus 1%
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 (appraisal and title search may be 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).

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

Apply Now

APR: Annual Percentage Rate

*Less first mortgage balance. Credit score of 660+ required. Other loan to value options available for credit scores below 660.

**Any loan amount over $400,000 will require an appraisal. Title search fees may apply for properties outside of Worcester County or properties obtained through a foreclosure deed. Other conditions may apply.

Not available on properties located in Texas.

100% Loan to Value Home Equity Line of Credit (HELOC)

Just like our standard home equity line of credit (HELOC), the 100% Loan to Value Home Equity Line of Credit is an open-ended line of credit in which your primary residence (single family home, duplex or condo) serves as collateral. Borrow what you need for home improvement purposes.

Our rates adjust only once annually, no matter how many times the Prime Rate may change!

Best Use

Home Improvements: Use the funds to increase your primary home's value and living experience.

Benefits

Borrow up to 100% of the appraised or assessed value of your home*
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 and title search if required)**

Check Rates Apply Now

APR: Annual Percentage Rate

*Less first mortgage balance.

**Max loan amount is $250,000. Title search fees may apply for properties outside of Worcester County or properties obtained through a foreclosure deed.

Estimates for work to be done will need to be provided equaling or exceeding the requested loan. Not available on properties located in Texas.

Investment Interest Only HELOC

Just like our standard home equity line of credit (HELOC), an Investment Interest Only HELOC is an open-ended line of credit in which your investment property, 1-4 family home or condo, serves as collateral. Borrow what you need, as you need it, until you reach your credit limit.

Our rates adjust only once annually, no matter how many times the Prime Rate may change!

Best Uses

Home Improvements: Use the funds to increase your investment home's value.
Consolidate Debt: Pay off high-interest credit card balances, student loans or other expenses.
Financial Protection: Sleep soundly knowing you have access to cash when you need it.

Benefits

Borrow up to 80% of the appraised value of your home or 70% of the tax-assessment value (Minimum line amount of $7,500)¹
Only pay interest on the funds you borrow
Variable interest rate starting as low as Prime plus 1%²
Rate only adjusts once per year, on the 15th of the month in which the line was opened, even if Prime goes up!²
Interest may be tax deductible (consult your tax advisor)
We offer affordable Credit Disability Protection that covers you in case of involuntary unemployment, disability or death. Only pay for the protection on funds you borrow, not on the line itself.

APR: Annual Percentage Rate

¹Investment property must be 1-4 family homes or condos. No commercial retail property. 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. Credit score of 660+ required. Other loan to value options available for credit scores below 660

²Variable interest rate as low as Prime plus 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 on the 15th of the 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. Minimum line amount of $7,500. Flexible payment terms of up to 15 years. Interest may be tax deductible (consult your tax advisor).

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 on the 15th of the 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. Credit score of 660+ required. Other loan to value options available for credit scores below 660. Only pay interest on the funds you borrow. Minimum line amount of $7,500. Interest may be tax deductible (consult your tax advisor)). Any loan amount over $400,000 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. Not available on properties located in Texas. 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.

Loans with an LTV over 80% or FNMA loans may still require appraisals.

100% Home Equity Line of Credit (HELOC) Disclosure: Variable interest rate as low as Prime plus 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 on the 15th of the 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 100% of the appraised value of your home less first mortgage balance or 70% of the tax-assessment value less first mortgage balance. Only pay interest on the funds you borrow. Minimum line amount of $7,500. Interest may be tax deductible (consult your tax advisor). 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. Minimum credit score of 660.Not available on properties located in Texas. 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.

Investment Interest Home Equity Line of Credit (HELOC) Disclosures: ¹Variable interest rate as low as Prime plus 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 on the 15th of the 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. Minimum line amount of $7,500. Interest may be tax deductible (consult your tax advisor).²Investment property must be 1-4 family homes or condos. No commercial retail property. 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. Credit score of 660+ required. Other loan to value options available for credit scores below 660. Only pay interest on the funds you borrow. Not available on properties located in Texas. 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

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, second homes and investment 1-4 family homes and condos.*

Best Uses

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

Consolidate Debt: Pay off high-interest credit card balances, student loans or other expenses.
Home Improvements: Use the funds to increase your home's value and your living experience.
Child's Education Expenses: Reduce your child's student loan burden with a lower rate HELOC.
Financial Protection: Sleep soundly knowing you have access to cash when you need it.

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 with your tax advisor)
No closing costs for properties within Worcester County, except appraisals***

Check Rates Apply Now

APR: Annual Percentage Rate

*If collateral is an investment property, rates are 1% higher than owner occupied rates listed above.

**Less first mortgage balance. Credit score of 660+ required. Other loan to value options available for credit scores below 660.

***Any loan amount over $400,000 will require an appraisal. Title search fees may apply for properties outside of Worcester County or properties obtained through a foreclosure deed. Other conditions may apply.

Not available on properties located in Texas.

100% Loan to Value Home Equity Loan

Best Use

Home Improvements: Use the funds to increase your primary home's value and living experience.

Benefits

Borrow up to 100% of the appraised value or assessed value of your home*
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 with your tax advisor)
No closing costs for properties within Worcester County, except appraisals**

Check Rates Apply Now

APR: Annual Percentage Rate

*Less first mortgage balance.

**Max loan amount is $250,000. Title search fees may apply for properties outside of Worcester County or properties obtained through a foreclosure deed.

Home Equity Loan Disclosure: Home Equity Loan rates listed include 0.25% discount for Direct Deposit and Electronic Loan Payment and an additional 0.25% when the payment is taken from a Central One Premium Checking account. Central One pays closing costs for primary 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. Credit score of 660+ required. Other loan to value options available for credit scores below 660. 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. Not available on properties located in Texas. 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.

Central One borrowers may qualify for loss of life, disability and unemployment security protection on their Central One loans.

Our Member Protect program provides relief in the event that you lose your job due to no fault of your own, become disabled due to injury or illness, or pass away. This is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. LEARN MORE