Home Equity Access Line (HEAL)

  • 1.99% APR1

    Introductory fixed rate of 1.99% APR for the first six billing cycles. Offer expires 11/10/2017.
  • 4.25% APR

    After the introductory period, the rate changes to a variable rate as low as 4.25% APR based on Prime plus a margin2.

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.

Now, through November 10th, take advantage of our low introductory rate and start planning for the road ahead.

  • Remodeling your home
  • Investing in your child's future
  • Seizing opportunities

1. The introductory Annual Percentage Rate (APR) of 1.99% is for a new Montecito Bank & Trust Home Equity Access Line (HEAL) 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 low as 4.25% based on the Wall Street Journal Prime Rate (Prime) in effect as of October 12, 2017, and any and all remaining balances will automatically convert to the variable APR per the terms of the HEAL agreement, which also applies to subsequent advances. Offer is subject to deposit account, credit and property approval, your actual APR may be higher. To receive this introductory 1.99% APR, the application must be submitted by 11/10/2017, and the loan must close by 12/29/2017. 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. Offer available for new applications submitted by 11/10/2017 for qualified borrowers of an owner-occupied primary residence. 2. After the introductory rate period, the APR will reflect a variable rate of Prime plus a margin determined during the credit review process. The APR will vary with Prime but will not exceed 17% or the maximum amount permitted by law, whichever is lower. As of June 15, 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 4.25% to 5.75%. 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. There is a $25 fee for transactions that exceed the credit limit.

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