Tax Implications of Home Ownership
Owning a home carries several tax implications that you should know about before you decide to buy. The U.S. Tax Code provides a few tax benefits, including reducing your tax obligations ...
Star Home Equity Line of Credit
6.74%/7.25%* APR HELOC promotion for 6 months.
A Star Home Equity Line of Credit (HELOC) is an easy way to benefit from the time and money you’ve invested in your home. Borrowing against the equity you’ve built leverages the effort you’ve put in, giving you a financial leg up for new projects or cash flow needs. If you already have a HELOC with another institution, it’s easy to switch—we’ll even handle the paperwork. And, accessing funds is simple: you just write a check to borrow what you need, when you need it. Use your HELOC for:
- Bill consolidation
- Home maintenance
- Home renovation or remodeling
- Education expenses
- Fulfilling your dreams
For a limited time, we're offering an introductory 6.49% fixed for the first 6 months and then prime - ½% with a floor of 2.75% after the 6-month introductory period.
*The Annual Percentage Rate (APR) for this Star Home Equity Line is 6.49% fixed for the first 6 months then Prime -½% variable based on the highest domestic Prime Rate published in The Wall Street Journal. The Prime Rate as of 12/2/2024 is 7.75%. Call (800) 472-5365 for current rates. Combined Loan to Value's (“CLTV”) not to exceed 60% of the tax assessed value or 50% for lines secured by condominiums or townhouses. CLTV's up to 70% (60% for condominiums or townhouses) determined using a Salem Five certified property appraisal or an online statistical appraisal acceptable to the lender are permitted. A Salem Five certified property appraisal will be obtained at the applicant’s expense if: 1) the value determined using an online statistical appraisal is unacceptable to the Lender or the applicant; 2) the requested line amount exceeds $400,000; or 3) for line requests secured by properties acquired via foreclosure, short sale, or the gift of equity. 1- to 4- family owner-occupied residences only. A $500 early termination fee applies for lines paid off within the first three years. There is a $50 annual fee. For line amounts greater than $400,000, a full Appraisal will be required, and Title Insurance may be required. Additional fees will apply if the property is held in the name of a Trust. This offer is subject to change at any time without notice. Consult a tax advisor regarding the tax deductibility of interest. The maximum possible APR is 18%. The minimum possible APR is 2.75% after the 6-month introductory period. Property insurance is required, and flood insurance, if necessary. Other restrictions may apply. NMLS ID 407901
Member FDIC.
Helpful HELOC Calculator
Articles of Interest
Building Equity in Your Home
If you own a home, the mortgage payments you make each month could help you build a substantial asset - home equity. The home equity you build represents how much ...
What Now for Home Equity?
The recent tax law changes have many homeowners and home buyers more than a little nervous ...
HELOC products are offered through Salem Five Bank | Thomas Toland, NMLS Unique ID #415026
Salem Five Cents Savings Bank NMLS ID #407901
Information relative to mortgage loan originators can be found on the NMLS Consumer Access Website at: www.nmlsconsumeraccess.org/