If you're planning to build a new home or take on a major renovation, Salem Five’s Construction and Renovation Mortgage is designed to help simplify the process. Salem Five is one of the only mortgage companies locally that offers this. With just one closing, you can finance both the construction and permanent mortgage - saving time, money, and stress.

Our loan offers interest-only payments during the construction phase and automatically converts to a traditional mortgage once your project is complete. Whether you're working with a contractor on a north shore custom build or turning a fixer-upper on Cape Cod into your dream vacation home, we make it easy to fund your vision.

Salem Five Mortgage Company is your partner for local decisions and expert support every step of the way. Ready to break ground? Learn more about your options and apply today.

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With new legislation, there can be major implications for financial planning. And, with a bill as large as the 870-page one that just passed into law, there are pros and cons for different taxpayers. Here are some highlights to consider and discuss with your wealth advisor. These are just a handful of the changes, but the biggest takeaway is certainty – knowing these are the rules for the foreseeable future can help you plan. If you have any questions about how the new law might impact your financial plan, feel free to reach out to your advisor to discuss options.

1. Tax cuts enacted in 2017 have been extended or made permanent. This includes current brackets and marginal rates, the estate tax exemption and the standard deduction increasing to $15,750 for individuals and $31,500 for joint filers.
2. The cap on the State and Local Tax deduction (SALT) will temporarily increase from $10,000 to $40,000 for tax years 2025-2029 with a 1% annual increase over the 5-year period and a phase-out for higher incomes. This will aid clients in high-tax states, but reverts back to $10,000 in 2030.
3. Starting next year, anyone using the standard deduction will be able to claim a deduction for charitable contributions of up to $1,000 for single filers and $2,000 for joint filers.
4. For anyone 65+, there will be a deduction of $6,000 for individuals and $12,000 for joint filers. This new senior deduction is only for tax years 2025-2028 and starts to phase out for higher incomes.
5. The bill creates a new savings account for children, a ‘starter IRA’, which can be funded up to $5,000 per year and is similar to non-deductible contributions of a traditional IRA. At age 18, the account converts to a traditional IRA. For babies born Jan 1, 2025 – Dec 31, 2028, they would qualify for $1,000 in federal seed money to start the account.