Make your equity work for you. Need to update your kitchen? What about replacing that leaky roof? And isn’t it time you took that second honeymoon? Using the equity in your home allows you to do the things you need (or want) to do in a way that makes financial sense.
A Home Equity Loan provides a fixed-rate, lump-sum loan that’s perfect for large-scale home improvement projects or for consolidating debt by borrowing against the equity (the amount of the appraised value of your home that you have already paid off) of your home. Our Salem Seaport Home Equity Loans provide:
A Home Equity Line of Credit (often referred to as a HELOC), is a variable-rate line of credit that allows you to draw from your available limit, much like using a credit card for a much bigger purchase. A HELOC allows you to draw from the equity in your home to borrow money as you need it for ongoing projects or to pay off higher-interest loans. With a Salem Seaport Credit Union HELOC, you’ll enjoy:
And you can borrow up to 80% of the appraised value (less any first mortgage loan value). See rates.