You don't really want \centerline, that doesn't allow line breaks and whose behavior may surprise.
I don't really see why you want something centered inside a chunk of justified text without giving it some room. But if you really insist, \centering is the correct solution. It doesn't add more vertical space than what a normal start of paragraph would. If you're using a nonzero parskip, then you're the cause of your own trouble.
Here's a way to get a center environment that doesn't add vertical space around it even with nonzero parskip set.
Don't use a nonzero parskip, your readers will be grateful.
\documentclass{article}
% \usepackage{parskip}
\newenvironment{nscenter}
{\parskip=0pt\par\nopagebreak\centering}
{\par\noindent\ignorespacesafterend}
\begin{document}
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Ut
purus elit, vestibulum ut, placerat ac, adipiscing vitae, felis.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Ut
purus elit, vestibulum ut, placerat ac, adipiscing vitae, felis.
\begin{nscenter}
\bfseries Here's some short material\\ I wanted centered
\end{nscenter}
Curabitur dictum gravida mauris. Nam arcu libero, nonummy eget,
consectetuer id, vulputate a, magna. Donec vehicula augue eu
neque. Pellentesque habitant morbi tristique senectus et netus et
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Ut
purus elit, vestibulum ut, placerat ac, adipiscing vitae, felis.
\end{document}
Here's the result (thanks to A. Ellett for the precious text), first with zero parskip

and then with nonzero parskip (obtained by uncommenting the line in the source)

letter) you may be seeing that.\left-\rightand\centerlineare odd constructs in latex, they are almost the only box commands that don't start a paragraph if in vmode, they are not color safe ad generaly they are a relic of theings being copied from plain TeX into LaTeX 1. – David Carlisle Feb 19 '13 at 02:02\hspace*{\fill}<your content>\hspace*{\fill}– A.Ellett Feb 19 '13 at 02:05