Star HELOC

Salem Five Star Home Equity Line of Credit 2.25%

Discover how quick and easy getting a Star Home Equity Line of Credit can be.

You invest time and money into your home. Now with a Star Home Equity Line of Credit you can leverage those investments for personal cash flow.

If you already have a home equity line or loan somewhere else, it’s easy to switch to a Star Home Equity Line of Credit – we’ll even handle the paperwork. Accessing funds is simple and hassle free too – write a check and borrow what you need, when you need it.

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*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 1/10/17 was 3.75%. 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 3.75%, minus 0.5%. The maximum possible APR is 18%. Property insurance is required, and flood insurance, if necessary. Other restrictions may apply. New lines only.
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