At Centris Federal Credit Union, we’re dedicated to helping you achieve your financial goals. We’re in your community, living alongside you. We’re here to help you find the right home equity option.
Home Renovations
Debt Consolidation
Dream Vacation
Emergency Expenses
HELOC with Lock Option vs. Home Equity Loan
What is it?
Minimum Loan Amount
Interest Rate
Payment
Annual Fee
Intro Rate
Out-of-Pocket Fees
HELOC with Lock Option
A revolving line of credit that allows you to borrow against the line of credit up to a certain limit, make payments, and then take money out again for additional expenses
$10,000
Variable, with the option to lock in a portion at a certain rate
Variable, with the option to lock in a portion at a fixed rate and payment
$50 annually
First 12 months
Appraisel fees with potential for reimbursement
What is it?
Minimum Loan Amount
Interest Rate
Payment
Annual Fee
Intro Rate
Out-of-Pocket Fees
Home Equity Loan
A closed-end loan where you receive one lump sum of money with a fixed repayment term and interest rate
$10,000
Fixed
Fixed
None
None
Appraisel fees with potential for reimbursement
Current Rates
Home Equity Loans
91-100% Loan-to-Value Financing
Term
Fixed APR
48-72 Months
As low as 11.74%*
73-120 Months
As low as 12.74%*
81-90% Loan-to-Value Financing
Term
Fixed APR
48-72 Months
As low as 7.24%*
73-120 Months
As low as 7.75%*
0-80% Loan-to-Value Financing
Term
Fixed APR
48-72 Months
As low as 6.00%*
73-120 Months
As low as 6.50%*
*Annual Percentage Rate (APR) is accurate as of July 1, 2025. Federally insured by NCUA. All loans are subject to credit approval. Rate may vary based on creditworthiness, loan-to-value ratio, collateral condition and may be higher than rate listed above. To qualify for this rate, you must have $10,000 New Money. Taxes and insurance premiums not included in payment. Actual payment obligation will be greater. Closing Costs/Fees vary based on loan amount, location, and loan-to-value ranging between $450-$625. For example, a $10,000 loan for a term of 72 months with an 11.74% APR for 91-100% loan-to-value financing would have a monthly payment amount of $196.01. For example, a $10,000 loan for a term of 72 months with a7.24% APR for 81-90% loan-to-value financing would have a monthly payment amount of $172.68. For example, a $10,000 loan for a term of 72 months with a 6.00% APR for 0-80% loan-to-value financing would have a monthly payment amount of $166.56. Programs, rates, terms and conditions are subject to change without notice. Inquire at Centris Federal Credit Union for complete terms and conditions at (800) 334-2328. Corporate NMLS 490617.
*VARIABLE RATE INFORMATION: The Annual Percentage Rate (APR) is accurate as of July 1, 2025. Eligibility for the introductory rate requires automatic payments from a Centris account and must be $10,000 in new money at the minimum. The introductory rate will be in effect for 12 months. Thereafter, rates range from 8.24% to 11.74% APR and are subject to change at any time. "As low as" rate assumes excellent borrower credit history and 80% or less Loan-to-Value. An annual fee of $50 is due annually. The maximum APR that may apply is 18%. Closing Costs/Fees vary based on loan amount, location, and loan-to-value ranging between $450-$625. During the draw period, the lock option may be used for up to five (5) advances at any one time. Minimum lock amount $5,000. The cost to unlock each lock option is $100. Minimum amount for a home equity line of credit is $10,000. The rates may vary based on individual credit worthiness and underwriting factors. Programs, rates, terms and conditions are subject to change without notice. All loans subject to approval. Other restrictions may apply. Inquire at Centris for complete terms and conditions at (800) 334-2328. Offer valid through August 31, 2025.
They are the one loan that can truly fit any member need. Anything that you need a home equity can fit it!
They’ve got low rates, they’ve got really flexible payments and terms, and so many uses.
Home Equity Loan & Line of Credit Frequently Asked Questions
What is the difference between a Home Equity Loan and a Line of Credit?
A home equity loan is where you borrow a lump sum of money with a locked-in rate. A home equity line of credit is a revolving credit line so you can borrow it as you need it and only pay interest on the amount you’ve borrowed, similar to a credit card.
Is it better to get a Home Equity Loan or refinance my mortgage?
It really depends on your financial journey and goals. When you refinance your mortgage loan, your old mortgage is closed out a new mortgage loan is opened, which could mean the terms of your entire mortgage loan will change. A cash-out refinance pays out some of the equity in your home as cash resulting in a new mortgage. This may be a good option if you plan on staying in your home for longer than a year or you need a substantial sum of money for a specific purpose like a home renovation project. Using your home as collateral, a home equity loan gives you a lump sum of money from the equity you’ve built up in your home as a separate loan from your mortgage, often referred to as a second mortgage. It doesn’t have any impact to the terms of your original mortgage loan. Both options have benefits and things to consider. Talk to one of our experts to find out which option may be best for you.
Is a Home Equity Loan or Line of Credit (HELOC) a better option?
It’s best to research both a home equity loan and a home equity line of credit to find the option that makes the most sense for your situation and financial needs. A home equity line of credit is best for those instances when you aren’t exactly sure how much you’ll need to borrow or when you’ll need it whereas a home equity loan is best for the situations where you know the exact amount you need to borrow, and it would work best as a lump sum upfront. A home equity loan also gives you the peace of mind knowing your exact monthly payments and when you’ll have the loan paid off and a home equity line of credit gives you access to a revolving lower-interest credit line for varying or unexpected expenses. Schedule a meeting with one of our experts to help you find the option that best fits your needs and financial goals.
Most businesses like to give back to the community and donate funds to charitable causes that they stand for as an organization. While many requests are legitimate, there are scammers that will try to use deceptive charitable solicitation schemes. Before making any donations, be sure to research charities and the organizations in charge of running them.
What is a directory scam?
A directory scam targets all types of businesses and organizations to trick them into paying for a listing or ad space in a non-existent directory, or in some cases a directory that exists but won’t be widely distributed and is of little to no value. The scammer will bill for the listing and not place the ad as agreed upon. It’s best to exercise caution and train employees to ask questions and do research on the directory if they receive any inquiries for purchasing ad space or listings.
What is an overpayment scam?
An overpayment scam is when the person you are doing business with pays you for products or services, but pays you more than what was originally requested. The scammer will instruct you to keep the amount owed and to wire the balance back to them. Scammers may even tell you to keep a small stipend for yourself. In this type of scam, the funds will bounce (i.e., check is invalid or fund transfer will be reported as unauthorized) and you/your business will be responsible for repayment of the funds that bounced.
What is a phony invoice?
Scammers often send businesses fake invoices for things they never ordered or received, usually for common supplies. To avoid falling victim to this scam, carefully review all invoices before paying. Often, these fake invoices are for small amounts. Pay close attention to the fine print; it might reveal that the invoice is actually a solicitation, not a real bill.
What is a business email compromise?
A business email compromise, or email account compromise, is a scam where someone pretends to be a trusted source, like a vendor, and sends an email to someone who handles payments in a company. They might use a fake email address or hack into a real account to ask for payment information to be changed or for money to be sent for a seemingly valid reason. If the person falls for it, the money goes straight to the scammer’s account.
What is a lottery scam?
Lottery scams are when scammers contact an individual telling them that they’ve won a lottery or sweepstakes they never entered. They’ll contact their victims by phone, email, text, or social media and demand they pay ‘taxes’ or ‘fees’ to claim their prize, often asking for personal information like a social security number. Be on the lookout for any message that pressures you to act quickly, requires upfront payments with gift cards or cryptocurrency, contains spelling or grammar mistakes, or if the scammer refuses to show proof of the winnings.
What is a loan scam?
Personal loan scams trick victims into giving up their Social Security number or paying fake fees without ever giving them a loan. Scammers might also try to steal online banking access by depositing fake checks and then demanding individuals to send the money back as a ‘loan security’ measure. Be on the lookout for any lender that contacts you directly guaranteeing approval regardless of your credit, offers vague loan terms, skips paperwork, pressures you to act fast, avoids credit checks, asks for your online banking details, or isn’t registered with the FTC. These are all signs of a loan scam.
What are artificial intelligence (AI) scams?
Artificial intelligence (AI) scams build on the traditional methods scammers use to manipulate victims more quickly and efficiently. Using techniques like voice cloning, scammers can create convincing emotional scenarios to steal information, assets, or identities. As AI tools become more sophisticated, these types of scams are increasingly dangerous and harder to detect.
What is an investment scam?
Investment scams often appear as easy money-making opportunities with vague details and promises of quick riches. You might encounter them through unsolicited messages on social media, online ads, or dating sites, and scammers often invite you to free events to learn ‘secret’ methods. Watch for these red flags: promises of high returns with no risk, unregistered investments, complex or secretive strategies, pressure to invest quickly, guarantees of future wealth, and claims of ‘secret’ investment methods.
What are romance scams?
Romance scams occur when fraudsters create fake profiles on social media or dating websites, pretending to be someone they are not. These scammers build trust with their victims over several weeks or months before asking for money. In their communications with victims, they usually have an unusual profession that makes communicating/traveling difficult, they ask to use your bank account to receive an inheritance, they claim to be in the military overseas, or they create false travel plans to visit you.
What is phishing?
Phishing is a type of online scam usually in the form of an email where cybercriminals will trick individuals into revealing sensitive information by pretending to be someone they trust. These communications create a sense of urgency and trick recipients into clicking a malicious link or downloading an infected attachment to steal personal information like passwords, credit card numbers or bank account details.
What is smishing?
Smishing is when fraudsters target individuals through text messages or short message service (SMS) to obtain personal information such as online banking login credentials, a credit card number, social security number, etc. These scammers will make it seem like they are from your bank, a government agency like the IRS or Social Security Administration, from a mailing service notifying you that your package couldn’t be delivered, or from a subscription service alerting you that it’s about to expire and you need to renew. These communications will create a sense of urgency and may contain a link that will download malware or lead victims to a malicious website.
What is vishing?
Vishing is when a scammer tries to engage you via phone call impersonating your bank, government agency, tech support in an attempt to obtain your personal information (i.e., passwords, credit card numbers, social security numbers, etc.). During these phone calls, scammers will use fear tactics and create a sense of urgency.
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2023 Grant Recipient - A Mother's Love, Inc.
2023 Grant Recipient - Avenue Scholars
2023 Grant Recipient - The Blue Bucket Project
2023 Grant Recipient - Community Action Partnership of Mid-Nebraska
2023 Grant Recipient - DIBS for Kids
2023 Grant Recipient - Down Syndrome Alliance of the Midlands
2023 Grant Recipient - Omaha Mobile Stage
2023 Grant Recipient - The Furniture Project
2023 Grant Recipient - PLCS Foundation
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Home Renovations
Debt Consolidation
Dream Vacation
Emergency Expenses