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.