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First Time Home Buyers Fixed Rate Mortgages 10% Down, No Private Mortgage Insurance One Step Construction-to-Permanent Loan Jumbo Loans Seasonal Properties Adjustable Rate Mortgages Home Equity Loans Fixed Rate Home Equity Line of Credit Variable Rate Home Equity Line of Credit

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Home Loans1

Helping you make the dream come true.

Experience what sets us apart.

You’ve heard the horror stories of loans being sold from one bank to the next. Well, at Salem Co-op we look to keep your mortgage when it comes to servicing your loans. Applying is easy and can be done in-person, online, by phone or by mail; we’ll even help you save on closing costs.

The best rates available

Salem Co-op is also committed to giving you the best rate we can. Once you apply for your mortgage and pay the required application fees, your rate is locked for up to 90 days (180 days for new construction). If our rate goes down during the application process, we will automatically pass the savings along to you with a lower rate up to 10 days before closing.

  • Must be a Salem Co-operative Bank in-house loan product
  • The rate will have a final lock 10 days prior to your closing date
  • The rate can be locked for a maximum 90 days
  • Other restrictions may apply

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First Time Home Buyers

Buying your first home can be overwhelming. Fortunately, with Salem Co-op, our experienced mortgage officers are available to walk you through the process from beginning to end.

  • Available to first-time home buyers with no previous home ownership in the past 3 years
  • Single family or condo eligible
  • Must be owner occupied
  • May be eligible for a discounted rate and credits
  • Flexible down payment options
  • Other restrictions may apply
  • Check today’s Interest Rates

APPLY NOW

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Fixed Rate Mortgages

With a fixed rate mortgage, you’ll always know what your monthly payment will be. We offer a variety of different terms to meet your needs.

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10% Down, No Private Mortgage Insurance

A true, no gimmick, no PMI program designed to save you money.

  • Must be owner-occupied, single-family or condo primary residence
  • The loan amount must be $365,000 or less
  • Other restrictions may apply
  • Check today’s Interest Rates

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One Step Construction-to-Permanent Loan

All the little hidden costs that surface when building a home can add up, causing your budget to skyrocket. With one closing for both the construction loan and your mortgage, you can focus on building your dream home. You’ll know the rate and mortgage payment before the foundation is even poured.

  • Close once at a predetermined fixed rate and term
  • Must be owner-occupied, one to 2 unit residence
  • Loan-to-value ratio must not exceed 80%
  • Other restrictions may apply
  • Check today’s Interest Rates

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Jumbo Loans

Jumbo mortgages are home loans that exceed conforming loan limits and can allow you to finance a high-priced or luxury home.

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Seasonal Properties

Get away from the hustle and bustle of everyday life with a seasonal property.

  • True second home with complete utilities, full kitchen, bath and heating system to qualify
  • Other restrictions may apply
  • Check today’s Interest Rate

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Adjustable Rate Mortgages

An Adjustable Rate Mortgage (ARM) is ideal if you want to take advantage of a lower rate now or if you plan to stay in your home for a shorter amount of time. With an ARM, the Interest Rates start out fixed for a set number of years. Once this period ends, the interest rate becomes variable and can adjust up or down each year.

  • Other restrictions may apply
  • Contact Us  for Today’s Rates

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Home Equity Loans

Let your home’s equity work for you-build a new addition, pay for your child’s college tuition or consolidate debt.

  • Receive the full loan amount to use as you wish
  • Owner-occupied one to 4 family or condo
  • Fixed interest rate for the term of the loan
  • Payments are a fixed principal and interest for the term of the loan so you will always know what your payment will be.
  • Call for Today’s Rates
  • Other restrictions may apply

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Fixed Rate Home Equity Line of Credit
  • Flexibility to access your money as you wish during your ten-year ‘draw’ period
  • Billed interest only during the ten-year ‘draw’ period on the amount disbursed
  • Fully amortized payment for the remaining 10 years
  • Maximum loan-to-value ratio must be no higher than 80%.
  • Other restrictions may apply
  • $25 annual fee may apply
  • Call for Today’s Rates

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Family Planning Home Renovation

Variable Rate Home Equity Line of Credit 2
  • Flexibility to access your money as you wish during your ten-year ‘draw’ period
  • Rate may adjust monthly during entire term
  • Billed interest only during the ten-year ‘draw’ period on the amount disbursed
  • Fully amortized payment for the remaining 10 years
  • Other restrictions may apply
  • $25 annual fee may apply
  • Call for Today’s Rates

APPLY NOW

Let’s Make That Dream Come True

Ready to buy a home? Let us help—contact Salem Co-operative Bank today to learn more and discuss your options.

CONTACT US

1 All loans are subject to underwriting and credit approval. Other restrictions may apply. Rates are subject to change without notice.
2 VARIABLE RATE HOME EQUITY LINE OF CREDIT DISCLOSURE
You can obtain credit advances for 10 years (the “draw period”).  During this period, payments will be due monthly.  Your minimum monthly payment will equal the amount of accrued finance charges on the last day of the billing cycle.  The minimum monthly payments during the draw period will not reduce the principal that is outstanding on your line of credit.  After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance on your line of credit (the “repayment period”).  The length of the repayment period is 10 years.  During the repayment period, payments will be due monthly and will be determined as described below:
The amount sufficient to amortize the principal amount you owe on the last day of the draw period, plus interest, in substantially equal monthly installments during the repayment period, plus any fees and ant amounts past due.
Variable Rate Features:  This line of credit has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum monthly payment can change as a result.  The annual percentage rate includes only interest and no other costs.  Ask us for the current index value, margin, and annual percentage rate.  After you open a line of credit, rate information will be provided on periodic statements that we send you.
NMLSR ID# 543601
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Home Loan Rates & Fees