Home Equity Access Line (HEAL)

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 Access Line 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.

  • Remodeling your home
  • Investing in your child's future
  • Seizing opportunities
  1. The advertised Annual Percentage Rate (APR) reflects a variable rate of The Wall Street Journal Prime Rate (Prime) as of November 1, 2020, plus a margin of 0.00%, subject to a rate floor of 4.00%, for a new application for a Home Equity Access Line of Credit. This APR reflects a .50% rate discount for automatic payments from a Montecito Bank & Trust Access Checking, or Private Access Checking. Line amounts range from $25,000 to $2,000,000. 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. APR is based on Prime plus a margin and will vary with Prime but will not exceed 17% or the maximum amount permitted by law, or go below 4.00% APR. Margin, rate and payment amount may vary based on property value, loan amount and other factors. Subject to credit approval, your actual rate may be higher than the advertised rate. As of November 1, 2020 margins range from 0.50% to 1.50%. APRs range from 4.00%, which includes a discount of .50% for automatic payments from a Montecito Bank & Trust Access Checking, or Private Access Checking, subject to a rate floor of 4.00%, to 4.75%, which has no automatic payment discount applied. Property insurance is always required and flood insurance is required where necessary. [back]
  2. There is a $25 fee for transactions that exceed the credit limit. 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 and $5,574 and will be charged to the borrower for credit lines above $500,000 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. [back]

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