Salem Five - Needham
- Personal Banking
- Walk-up ATM
- Business Banking
- Free Coin-Counting
GOLD STAR MONEY MARKET
STAR HOME EQUITY LINE OF CREDIT
Star Home Equity Line of Credit
*APY refers to Annual Percentage Yield. Rates are accurate as of today. Rates are variable and subject to change after account opening. Fees may reduce earnings on accounts.
*The Annual Percentage Rate (APR) for this Star Home Equity Line is variable based on the highest domestic Prime Rate published in The Wall Street Journal. The Prime Rate as of 3/26/18 was 4.75%. In order to qualify for the 2.50% introductory rate, you must have a minimum draw amount of $25,000 at closing and monthly periodic payments must be deducted automatically from a Salem Five checking account. Call (800) 472-5365 for current rates. Minimum line amount is $25,000. Maximum line amount is $250,000. Loan to value not to exceed 70% of tax assessed value (up to 80% with a valid appraisal) or 60% for condominiums or townhouses (up to 70% with a valid appraisal.) Above LTV percentages assume either an existing Salem Five first mortgage loan or no existing lien on the subject property. 1- to 2- family owner-occupied residences only. Properties pledged as collateral that have been acquired through foreclosure, short sale, gift of equity or other similar type transactions will require a full appraisal. Trust review fees of up to $500 for properties held in trust. This offer is subject to change at any time without notice. $500 penalty for early termination. The annual fee of $50 is waived for Gold Star or On the Job Star Checking account holders. Consult a tax advisor regarding the tax deductibility of interest. **After initial 6 months, APR is the Prime Rate, which is currently 4.75%, minus 0.5%. The maximum possible APR is 18%. Property insurance is required, and flood insurance, if necessary. Other restrictions may apply, other products available. New lines only.