Home Equity

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.

Home Equity Loans

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 fixed rate based on the length of time you borrow
  • Flexible loan terms of 10, 15 and 20 years

Home Equity Lines of Credit

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:

  • Variable rate based on the Wall Street Journal Prime rate
  • A five-year draw period with a 10-year repayment plan

And you can borrow up to 80% of the appraised value (less any first mortgage loan value). See rates.

Stop by our Lafayette Street office (across from Salem State University) today to learn more, or make an appointment to meet with one of our Mortgage Specialists by calling 978.744.1153 or emailing us at info@seaportcu.org.