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More Savings- More Flexibility- More Value

Our Best HELOC rate just got Better at PRIME Minus 0.75%**!

Take advantage of our already competitive Prime- 0.50% Home Equity Line of Credit rate and save an additional 0.25% when you:

 

    • Open a new checking with Salem Co-operative Bank
    • Maintain a minimum $500 balance
    • Make an initial HELOC draw of at least $10,000

 
 

Variable Rate Home Equity Line of Credit
    • No application fee
    • Lines as low as $10,000
    • Flexibility to access your money as you wish during your ten-year ‘draw’ period*
    • Rate may adjust monthly during entire term
    • Billed interest only during the ten-year ‘draw’ period on the amount disbursed
    • Fully amortized payment for the remaining 10-years
    • No application fee
    • $25 annual fee may apply
    • Subject to credit approval. Other restrictions may apply.
    • Contact Us
NMLSR ID#543601

*You can obtain credit advances for 10 years (the “draw period”).  During this period, payments will be due monthly.  Your minimum monthly payment will equal the amount of 
accrued finance charges on the last day of the billing cycle.  The minimum monthly payments during the draw period will not reduce the principal that is outstanding on your 
line of credit.  After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the “repayment 
period”).  The length of the repayment period is 10 years.  During the repayment period, payments will be due monthly and will be determined as described below:
The amount sufficient to amortize the principal amount you owe on the last day of the draw period, plus interest, in substantially equal monthly installments during the 
repayment period, plus any fees and ant amounts past due.
Variable Rate Features:  This line of credit has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum monthly payment 
can change as a result.  The annual percentage rate includes only interest and no other costs.  Ask us for the current index value, margin, and annual percentage rate.  After 
you open a line of credit, rate information will be provided on periodic statements that we send you.
**To qualify for this promotion, you must open an Interest Checking account, maintain a minimum balance of $500 and complete an initial HELOC disbursement of at least $10,000.

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