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Mortgage
Make Owning Your “Home Sweet Home” Even Sweeter by Choosing Centra for Your Mortgage!
We make buying a home simple and give you great options for affordable mortgage loans. Plus, we offer personalized service to give you the best possible loan experience.
Fixed-Rate Mortgage
The monthly principal and interest payments remain the same throughout the life of the loan, your monthly payment would only change due to property taxes or insurance.
- 10, 15, 20, or 30 year terms available
Beneficial if you:
- Plan to stay in your home for 10 years or more
- Prefer a payment that doesn’t change
- Want your interest rate to remain the same
Zero Down Mortgage
Don’t waste money paying rent on a property you will never own. Take advantage of low mortgage rates now, and get in your dream home sooner.
Beneficial if you:
- Have less than 5% of the purchase price to put down
- Want to start building equity in the home you own
- Want to have more term options
First-Time Homebuyer Mortgage
Finance up to 95% of the home’s purchase. With a smaller down payment, you can get into the home of your dreams sooner, lock in great mortgage rates, and keep more money in savings. Make a down payment of 5% or more and you may be able to skip paying Mortgage Insurance.
Beneficial if you:
- Want to save on Mortgage Insurance
- Have less than 20% to put down
- Are buying your first home
Construction Loan
Short-term financing that provides the freedom to build your dream home or remodel your current home with the added benefit of paying interest only payments on the amount you need to borrow until construction is complete.
Adjustable Rate Mortgage (ARM)
Adjustable Rate Mortgage (ARM) products are good for borrowers who would like lower payment amounts at the beginning of the loan, who plan to own the home for a short period of time, or want to take advantage of possibly lower interest rates in the future. The trade-off for this product is that after the initial rate period is over, the interest rate can increase based on market conditions.
ARM products typically have lower fees & closing costs than a traditional fixed rate product. Our current ARM products are a 10/1, 7/1, 5/1, 3/1, 3/3, and 5/5 ARM.
Beneficial if you:
- Only plan on owning the home for a short time
- Want lower payments at the beginning of the loan
- Think interest rates may go down in the future
$0 Closing Cost Mortgage
A $0 Closing Cost Mortgage can save you thousands of dollars on the initial cost of your mortgage. It’s also a good option if you’re looking to refinance and lower your monthly payment without going through the expense of closing costs again.
Beneficial if you:
- Want to keep more cash on hand
- Are looking to refinance without the major expense of closing costs
- Want to finance for a short term
Professional Mortgage
Exclusively available for borrowers with certain advanced degrees in specific fields. Options include those with or without private mortgage insurance and may not require a down payment.
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FHA Mortgage
Homebuyers may not always have a sizable down payment or perfect credit. This option allows you to move into your home with more flexible financing options. FHA helps buyers achieve the dream of affordable home ownership.
- Fixed and adjustable rates available
- No income limitations
- Maximum loan amounts based on county as set by FHA
- Mortgage insurance is required
VA Mortgage
Eligible veterans, reservists, and Active Duty personnel and their eligible spouses with suitable credit, sufficient income and a valid Certificate of Eligibility (COE) can take advantage of 100% financing options with a VA Mortgage, guaranteed by the
Department of Veterans Affairs.
- Fixed-Rate and ARMs available
- Max loan amounts determined by property location
- No Private Mortgage Insurance (PMI) or Upfront Mortgage Insurance Premium (UMIP) required
- The property must be occupied by the veteran as their primary residence.
USDA Mortgage
Offers options that require no down payment for a new project, recently constructed home, or current home in rural or suburban communities. If you don’t have a large down payment and you meet the USDA requirements this option is great for certain home buyers.
- No down payment required
- Monthly mortgage insurance based on price of the home as defined by rural development
- Household income must meet certain guidelines
- The home to be purchased must be located in an eligible rural area as defined by USDA