Mortgage Loans

Central Federal offers a variety of home loan programs to fit your specific needs.

Whether it is the purchase or construction of a new home, refinancing your current home, obtaining a home equity line of credit, or making home improvements, our lending professionals know your market like the back of their hand. Central Federal’s loan officers are here to help as much, or as little, as you’d like!

Primary Residence

Congratulations on deciding to purchase your first home! This can be an exciting and anxious time, especially for first-time home buyers. Sifting through the unknowns like, “how much can I afford?”, “what if my credit isn’t adequate?” or “should I get pre-qualified before looking?” can be intimidating. Central Federal is here to answer all of your questions. This is your first time purchasing a home, but it’s not our first mortgage. Let Central Federal guide you through it.

Lot Acquisition & New Construction

Your dream home starts with the right location. If you have found or if you are looking for a residential lot that you want to develop, build on, invest in or use for recreational purposes, a new construction or lot acquisition loan from Central Federal provides security for financing your investment.

Let Central Federal help you build your dream home. A Central Federal construction loan is typically short term to enable you to pay for the materials and labor in the construction of your new home. Monthly interest payments are due during the construction phase on the outstanding principal balance drawn to date. Once the construction phase is complete, the loan is converted to the permanent mortgage terms without another formal loan closing and additional closing costs.

Home Equity Line of Credit (HELOC)

Using a home equity line of credit (HELOC), you can borrow money while using the equity in your home as collateral. Many use this option to open up a line of credit rather than refinancing, to consolidate debt, or finance a major purchase. A home equity line of credit lets you access available funds as you need them, similar to credit cards – but with rates that are typically lower. We’re happy to discuss your options to determine if using a HELOC is a good choice for you and your family.

Home Improvement

Does your home need an update? Is it time to make some changes? You can enhance the appeal of your home and add aesthetic value at the same time. The equity you now have in your home may be used to finance the cost of making your home improvements. A Central Federal home improvement loan is a fixed rate term loan. Let Central Federal make your home improvement project a reality.

Visit Central Federal or give us a call at (573) 364-1024 to speak to one of our experienced lenders, or apply online.