We’re making homeownership more affordable!

Centra is focused on creating value for our Members, and we found a way to create value for homeowners to the tune of $1,004,315 in savings!

Coming up with a down payment can be one of the most challenging barriers to home ownership. Many lenders, including Centra, will allow homebuyers to make smaller down payments to help you buy your home sooner. Traditionally, PMI is required if you have less than 20% to put down.

If you’re a homeowner or are looking to purchase your first home, you likely know about private mortgage insurance, also referred to as PMI. This insurance is a requirement of certain mortgages based on the percentage of the loan amount compared to the home’s appraised value (loan-to-value or LTV).

Recently, Centra made changes to the loan-to-value requirements for PMI, which means more Members with a lower down payment can avoid the cost of PMI! These exciting changes have also allowed us to remove PMI early for eligible Members with existing mortgages, decreasing their monthly mortgage payments.

With this enhancement, 199 Members are saving a total of $1,004,315 over the duration of their loans!

This change in criteria can also help those looking to start their homebuying journey! Now, we can create more value by offering eligible Members the benefit of a lower mortgage payment, providing an even better homebuying experience.

At Centra, our vision is creating value for our Members, Team Members, and Communities we serve, and we strive to achieve this each day! We’re excited to enhance our mortgage requirements to help more of our Members save money.

Eligible Members have been sent communication with details about their new payment amount. If you have automatic payments set up through another financial institution, please contact them to update your payment amount. If you don’t update your payment amount, the extra money that would’ve covered PMI will automatically be applied to the principal balance of your mortgage.

Do you make your payments through Centra’s digital banking? You can take the money that would’ve went to your PMI and apply it to the principal balance on your loan to pay down your mortgage faster!