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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 Home Equity Line is variable based on the highest domestic Prime Rate published in The Wall Street Journal. The Prime Rate as of 2/12/18 was 4.50%. In order to qualify for the 2.25% 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 1.800.472.5365 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 4.50%, 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.