Taking out a Home Equity Loan or Home Equity Line of Credit (HELOC) or is a great way to pay for the large purchases or other life events, such as college tuition, consolidating bills, booking that dream vacation or planning a wedding. And because you’re borrowing against the value of your home, your interest rate is usually quite low and may also be tax-deductible.

Home Equity Loans vs. Home Equity Lines

A Home Equity Loan (also known as a second mortgage) offers a rate for the life of your loan with payment amounts that never change. You receive the entire loan amount at the time of closing.

A Home Equity Line of Credit gives you the option of borrowing only what you need, when you need. Our HELOC is a revolving loan, allowing you to repay only the accumulated interest for a portion of the HELOC term. You can also make additional payments to reduce the principal balance. You can access your HELOC funds at any of our branch locations, by writing a check, or transfering funds online.


Get started today with three ways to apply:


Protecting Yourself and Your Home

As part of our commitment toward member benefits, Century Federal offers various supplemental insurance products/services which include:



Owner-Occupied (1-4 Family)

1st Mortgage Holder LTV APR* Ceiling
*as low as Prime
85% 4.25% 13.5%

*APR = Annual Percentage Rate
*Rates are subject to credit score

Term Second Mortgage (15 Year)

Type Rate APR* Ceiling
Fixed (2nd Mortgage)
4.00% 4.00%

** Interest rate set at the Wall Street Journal Prime. Variable rate for the line is as low as Prime plus 0.0% to the maximum of Prime plus 2% with the lifetime cap of 13.50%. Property and Flood insurance required, if applicable. Interest only payments, with balloon payment at the end of term. A $25.00 minimum monthly payment is required. There is a 13 Year draw period with a 2 Year repayment. The loan is subject to credit approval. Minimum line of credit is $5,000. Maximum line of credit is $250,000. Drafts are issued with new line of credit. There are no annual fees or closing costs. If you close your line within the first year there will be an early closure fee of $350.00. Consult your tax advisor about the deductibility of interest.