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SECOND MORTGAGE
Salem Co-operative Bank offers a competitive fixed rate Second Mortgage as an alternative to the variable rate Home Equity Line of Credit. If you know the amount you will need to borrow, you want to withdraw the entire amount at once and you are looking for a fixed principal and interest payment, this is the loan for you. Maximum loan-to-value is 80% and the maximum term is fifteen years for this loan type.
FIXED RATE HOME EQUITY LINE OF CREDIT
Enjoy the freedom of a line of credit knowing that your interest rate will not change. This loan allows you the flexibility to access your borrowed money as you wish during your "draw" period, the first five years. Your loan would then enter the ten-year repayment period. You are billed interest only on the amount disbursed during the draw period and then a fully amortized payment for the remaining ten years. Loan-to-value must be no higher than 80%. Other restrictions apply. Please call for details.
VARIABLE RATE HOME EQUITY LINE OF CREDIT
This loan offers the same flexibility as our Fixed Rate Home Equity Line of Credit, except the rate adjusts monthly to Prime during the entire term, with a five year draw period and a ten year repayment. You are billed interest only during the draw period and only a 2% principal payment during the repayment term. Other restrictions apply. Please call for details.
 OVERDRAFT PROTECTION/LINE OF CREDIT
With a checking account from Salem Co-operative Bank, you have the opportunity to apply for Overdraft Protection/Line of Credit. Once qualified, this service protects you with a personal, unsecured loan if a check is written that goes beyond the current balance in your account. With Overdraft Protection / Line of Credit you may think of your checking account as your personal loan account. You may write your own loan any time you need extra money for pleasure or an emergency.
AUTO LOANS
Salem Co-operative Bank offers variety of auto loans to meet your needs. New vehicles require 10% down payment and our terms range from 24 to 60 months. See our RATE SHEET for options. We also offer a variety of options for financing used vehicles. Please go to the annual percentage rates page for program choices.
COLLATERAL LOANS
This is a great option if you wish to borrower using your own money for collateral. We hold your Salem Co-operative Bank savings passbook or certificate of deposit at the Bank, and you can borrow up to 90% of the balance in your account. You will continue to earn the interest on your deposited money, and the funds are still available when the loan is paid off. See Annual Percentage Rates for options and rates available for this loan.
PERSONAL LOAN
This loan requires no collateral and is based upon the borrowers willingness and ability to pay. Maximum loan amount is $5,000.00 with a maximum term of five years. See Annual Percentage Rates for options and rates available for this loan.
RECREATIONAL VECHICLES
This loan is for the large purchase of RV's and camper trailers. See Annual Percentage Rates for options and rates available for this loan.
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