Loans

When you need to take advantage of a golden opportunity or when you and your family need a little extra cash to get through an unexpected emergency, you can count on Centennial Bank. Whatever goal you’re trying to achieve, or need you’re trying to meet, Centennial Bank’s knowledgeable professionals are happy to assist you in determining which loan option will work best for you.
Applying is easy, just print, complete the application and

Auto Loans *
Purchasing a new or used car with Centennial Bank is easy. Our quick, no-hassle approval, competitive rates and flexible terms, will put you in the vehicle of your dreams. An auto loan at Centennial Bank offers you:

• Quick approval
• Rates and terms to fit your budget
• Fixed monthly payments
• Rate reduction for automatic payment from your Centennial Bank account
• Credit Application

Home Equity Line of Credit and Home Equity Loans *
When you need to consolidate debt, buy a new car, or need money for another purpose, consider a Centennial Bank home equity loan or line of credit. Your home’s equity is the difference between what your home is worth and how much you owe on your mortgage. You can access some of that difference with a home equity loan or line of credit. And the interest you pay may be tax deductible. ±

Home Equity Line of Credit *

• A revolving line of credit that can be paid down and reused again.
• Low variable rate tied to the New York Prime Rate.
• Up to a 100% loan-to-value equity line of credit. Unlike many home equity lines of credit that are based on 75-80% of your home’s value, Centennial Bank can offer you more credit on your home’s value.
• You can apply for a line of credit for home repairs, paying off high interest credit card debt, consolidate other debt and more.
• Rate reduction for automatic payment from your Centennial Bank account.
• Home Equity Application

Home Equity Loan *

• Take advantage of competitive fixed rates.
• Up to a 100% loan-to-value equity line of credit. Unlike many home equity lines of credit that are based on 75-80% of your home’s value, Centennial Bank can offer you more credit on your home’s value.
• Rate reduction for automatic payment from your Centennial Bank account.
• Home Equity Application

Construction Loans *
We can help you build your dream home! A construction loan allows for disbursements to the builder, contractor or developer as the construction process progresses, minimizing your interest costs. Construction loans typically require interest-only payments during construction and become due upon completion. Completion for homeowners means that the house has its certificate of occupancy.

• Residential Loan Application

Bridge Loans *
If you want to buy a new home but your current home hasn’t sold yet, a bridge loan may be for you. This type of loan can help you make a competitive offer on another home.

A bridge loan (also known as swing loan or gap financing) covers the gap between the time you close on your new home and the time when your old house sells.

There are two types of bridge loans. With the first, you borrow the money to pay off your existing mortgage and enough to make the down payment on your new home. Generally you don’t make monthly payments on your bridge loan. Instead, you make only the monthly mortgage payment on your new home, and when your old home sells you use the proceeds to pay back all the accrued interest and the outstanding balance on the bridge loan.

The second type of bridge loan can be more complicated: You keep your current mortgage, but borrow against the equity in your current home and use that money as the down payment on your new home.

A bridge loan can be a sensible means to help finance the purchase of a new home as long as the homeowner can afford the loan payments and doesn’t need to use the new home as collateral for the loan.

• Home Equity Application

Overdraft Protection Loans *
With Centennial Bank’s overdraft protection, you’re protected against unexpected overdrafts. Protect your reputation against the embarrassment of bounced checks.

• Overdraft Protection Application

Other Loans Available *
We realize there are times when you need extra money, but don’t wish to draw on your savings or investments. That’s when a personal loan fits the bill perfectly. We offer loans of various lengths, with competitive rates.

• Loans secured by a Centennial Bank Certificate of Deposit
• Boat loans
• Snowmobile, personal watercraft, motorcycle and ATV loans
• Fifth wheel, travel trailer, camper, or folding trailer.
• Personal loans
• Stock loans
• Credit Application

*Loans subject to Credit Approval
±Please consult your tax advisor about the tax deductibility of your interest payments.