A revolving line of credit secured by your property or home, which can be either your primary residence, second home or an investment property. A Home Equity Line of Credit (HELOC) can be used to finance a wide range of personal uses, including home improvements like a kitchen remodel or building an additional dwelling unit on your property. Use the money to finance big events, like a wedding or a dream vacation, or pay off a car loan. The credit line can also serve as a security blanket for unexpected expenses that may arise, so you have a ready access to funds when you need it.
When you open a HELOC with American Riviera Bank, you’re borrowing against the available equity in your home up to a maximum loan-to-value that is based on the amount of your credit line*. The interest rate on HELOCs is based on Wall Street Journal Prime (“Prime”), and you’ll receive monthly statements showing you your available balance and monthly payment owed. Interest may be tax deductible, so consult with your tax advisor for additional details. Fees also apply. Speak with your American Riviera Bank loan officer for information on costs associated with the HELOC.
Each time you pay down the balance on your HELOC you’ll have direct access to your available credit through online banking or by using special checks at any time during the remaining draw period. At the end of the draw period, pay off the remaining balance or consider rolling the balance into a new mortgage with American Riviera Bank, subject to credit approval.
Start your application online today or reach out to one of our experts below - we are happy to walk you through the process!
*Subject to credit application and approval.
Senior Vice President, Residential Lending Manager
805 730 4987
Location: Santa Barbara
Vice President, Residential Lending Officer
805 730 4985
Location: Santa Barbara
Assistant Vice President, Residential Lending Officer
805 540 6239
Location: San Luis Obispo
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