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Mortgages

Take the first step towards the right mortgage

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Plan

Just starting out? Explore your options.

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Rate Quote

Know your budget and shop with confidence.

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Purchase

Find the loan that best fits your needs.

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Refinance

Looking to lower your monthly payments?

Central One Mortgage Products

Adjustible & Fixed Rate - Feature - 1

Adjustable Rate Mortgages

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.

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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!

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Jumbo Mortgages

Needing a larger loan? Central One has great Adjustable Rate option available to you.

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MyChoice Mortgages

Retirement will be here before you know it. Wouldn’t it be great if your mortgage retired with you?

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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.

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Land Loans

A Land Loan allows you to purchase land for the future construction of your home.

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Investment Property

Interested in purchasing an investment property? Central One has options for you based on down payment, terms and your investment needs.

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Get Prequalified

Whether you're a first time buyer or moving to a new home, apply to get prequalified today.

Get Prequalified

First Time Home Buyer

Education, tips, and tools to prepare you for one of life's biggest decisions.

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Special Programs and Discounts

For veterans, active service members, community heroes including teachers, police, medical personnel, firefighters and other emergency responders.

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Calculate Your Mortgage

Calculate your payments and costs with our easy to use calculators.

Calculate Your Mortgage

Rate Watch

Let Central One keep an eye on interest rates so you don’t have to!

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Contact one of our Mortgage Specialists to help you find the perfect mortgage for your needs.

Visit our financial education partner, Zogo, and learn how to buy a house or get a mortgage.

Lori Gaskins

Senior Lending Specialist
Jillian Hildebrand

Assistant MSC Lending Manager
Mireille Bones

Senior Lending Specialist
Katilyn Racinev

Lending Specialist

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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.

Learn More Get a Quote

Looking to put no money down?

Central One offers 100% financing option on select mortgages

  • Available on Central One 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?

Manage Your Mortgage

Apply for a mortgage on your own terms

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Get a Custom Rate Quote

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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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  •  * Requirements for benefits that include jumbo fixed rates and 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. 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 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. mortgages
    *** $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. Rates listed include a 0.25% discount for Direct Deposit and Electronic Loan Payment and an additional 0.25% discount when deducted from a Central One Premium Checking account. 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. Call a lending specialist at 800-527-1017 for more information.

     

    Oak Tree Insurance (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. They are not an obligation of or guaranteed by the credit union and may be subject to risk. Insurance required as a condition of the extension of credit by Central One may be purchased from an agent or insurance company of the member’s choice without affecting the approval of the application for credit. If you have any concerns or complaints regarding this relationship, you may contact the Massachusetts Office of Consumer Affairs (OCA). For information on how to contact the OCA, visit http://www.mass.gov/oca. See the Oak Tree Insurance consumer disclosure for complete details.

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Latest Rates

All Rates

24 Month

as low as 5.12 % APR

36 Month

as low as 5.62 % APR

48 Month

as low as 5.74 % APR

Rates as low as 5.12% APR**

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Monthly Payment

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Example rates

Rates effective as of: April 3, 2025

APR = Annual Percentage Rate

Adjustable Rate Mortgages

Central One offers you the option to lock in your rate for up to 120 days on our 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.

 

ARM Rates

Rates effective as of: April 3, 2025

Rates subject to change

* 15/5 ARM available for first time home buyers only.

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

 

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

 

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!  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.

 

Fixed Rates

Rates effective as of: April 3, 2025

Rates subject to change

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
  • 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*

 

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
  • 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.

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.

 

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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Ice Cream Day Dates

All Ice Cream Day events are from 4:00 – 6:00 pm.

June 12th- Auburn Branch, 63 Southbridge Street

July 24th- Westborough Branch, 40 South Street

July 31st- Milford Branch, 82 Prospect Street

August 7th- Northborough Branch,  148 Main Street

August 28th- Shrewsbury Branch, 714 Main Street

 

August 15th- Worcester (Saint Vincent Hospital) Branch – We’ll be serving Goody’s Kettle Corn at the branch all day!

Food Truck Dates

All Food Truck Events are from 11:00 am – 1:00 pm.

July 12th- Westborough Branch,  40 South Street: Tacoborough Food Truck

August 9th- Shrewsbury Branch, 714 Main Street: Savage Wraps Food Truck

August 14th- Worcester (Saint Vincent Hospital) Branch – Garden Fresh sandwiches in-branch

August 23rd- Auburn Branch, 63 Southbridge Street: Bird’s Nest Panini Food Truck

September 6th- Northborough Branch,  148 Main Street: Tacoborough Food Truck

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