Home Equity Landing Page - Salem Co-operative Bank

Home Equity Loans

Let your home’s equity work for you-build a new addition, pay for your child’s college tuition or consolidate debt.

Receive the full loan amount to use as you wish
Owner-occupied single-family or condo
Fixed interest rate for the term of the loan
Payments are fixed principal and interest for the term of the loan so you will always know what your payment will be.
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Other restrictions may apply

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Fixed Rate Home Equity Line of Credit

Flexibility to access your money as you wish during your ten-year ‘draw’ period
Billed interest only during the ten-year ‘draw’ period on the amount disbursed
fully amortized payment for the remaining 10 years
maximum loan-to-value ratio must be no higher than 80%
Other restrictions may apply
$25 annual fee may apply
Check Today’s Interest Rates

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Variable Rate Home Equity Line of Credit

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
Other restrictions may apply
$25 annual fee may apply
Check Today’s Interest Rates

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All loans are subject to underwriting and credit approval. Other restrictions may apply. Rates are subject to change without notice.

VARIABLE RATE HOME EQUITY LINE OF CREDIT DISCLOSURE

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 any 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 values, margin, and annual percentage rate. After you open a line of credit, rate information will be provided on periodic statements that we send to you.

NMLSR ID#543601

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Home Equity Loans

Fixed Rate Home Equity Line of Credit

Variable Rate Home Equity Line of Credit

All loans are subject to underwriting and credit approval. Other restrictions may apply. Rates are subject to change without notice.

VARIABLE RATE HOME EQUITY LINE OF CREDIT DISCLOSURE

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 any amounts past due.

NMLSR ID#543601

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