Home Equity Line of Credit

Home Equity Access Loan Picture

1.99% APR1

4.00% APR2

Introductory fixed rate of 1.99% APR for the first six billing cycles.
Offer expires 6/30/2017.

After the introductory period, the rate changes to a variable rate as low as 4.00% APR based on Prime plus a margin.

Home Equity Line of Credit

Whether it’s making those home improvements you’ve been dreaming about, investing in your child’s future, or consolidating debt at a lower rate, with a Home Equity Line of Credit from Montecito Bank & Trust you’ll have the peace of mind that comes with knowing you have a little extra help to handle whatever life brings your way.

Now, through June 30th, take advantage of our low introductory rate and start planning for the road ahead.

Benefits

Because the Home Equity Line of Credit is secured by real estate, the rate is usually more advantageous than other types of loans. And you can give yourself a rate discount by requesting automatic payments from your Montecito Bank & Trust checking account. Credit approval is required.

Access to funds

Check access, online banking transfer, or in-branch transfer requests allow you to draw an amount when needed.

Maturity

15-year term.

Payments

The credit line is interest only during the 15-year term after which you will be required to pay the entire balance owing in a single balloon payment.

Annual Percentage Rate (APR)

Introductory fixed rate of 1.99% for the first six billing cycles. After the introductory period, the rate changes to a variable rate as low as 4.00%, subject to increase based on market conditions.

Fees

No appraisal fees or third party fees on lines of $500,000 or less. Other fees may apply.

Fixed Rate Advanced Options

 Available

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1. The introductory Annual Percentage Rate (APR) of 1.99% is for a new Montecito Bank & Trust Home Equity Line of Credit (HELOC) account only and applies to balances on the first six monthly billing cycles after the account opening date. At the end of the introductory period, the rate then changes to a variable APR as described below. Offer is subject to deposit account, credit and property approval. To receive this introductory 1.99% APR, the application must be submitted by 6/30/2017, and the loan must close by 8/31/2017. This special offer is for a limited time only for qualified borrowers of an owner-occupied primary residence and cannot be combined with any other offers or special promotions. Rate and APRs subject to change without notice and this offer may be revoked at any time. 2. After the introductory rate period, the APR will reflect a variable rate based on the Wall Street Journal Prime Rate (Prime) plus a margin determined during the credit review process and may be as low at 4.00% based on Prime in effect as of March 16, 2017. Your actual APR may be higher. Any balance at the expiration of the introductory period will automatically convert to the variable APR per the terms of the HELOC agreement and the variable APR applies to subsequent advances. The APR will vary with Prime but will not exceed 17% or the maximum amount permitted by law, whichever is lower. As of March 16, 2017, margins range from 0.50% to 1.50%. APR shown is for an applicant with excellent credit, acceptable debt-to-income ratio and liquidity, and a combined loan-to-value of 60% or less including all loans on the property, with a discount of .50% for automatic payments from a Montecito Bank & Trust Access Checking, Private Access Checking or eChecking account. Current APRs range from 4.00% to 5.50%. Line amounts range from $25,000 to $2,000,000. The credit line is interest only during the 15-year term. The minimum monthly payments will be interest-only payments. A balloon payment will result if only interest payments are made over the 15-year term after which you will be required to pay the entire balance owing in a single balloon payment. Margin, rate and payment amount may vary based on property value, loan amount and other factors. Property insurance is required and flood insurance is required where necessary. 3. If the credit line is closed within 36 months of opening, a $500 early closure fee may be assessed. Third party fees generally total between $0.00 and $5,350.00 and will be charged to the borrower for credit lines above $500,000.00 with a $1,000 bank credit to be applied towards the total third party fees incurred in connection with the opening of the Home Equity Access Line of Credit..