Make a VACATION part of your daily routine with our low rate of 2.49% APR* for the first 12 months! 

Home Equity Lines of Credit (HELOC):

By borrowing against the available equity in your home you can take advantage of interest rates that are significantly lower than credit card rates and funding amounts that are higher than personal loans.

Benefits:

  • Provide a new source of funds
  • Low, variable interest rates
  • Interest due only on the amount you use
  • Flexibility of use, easy access by check

Can be Used for:

  • Home Improvements
  • Debt Consolidation
  • Medical Expenses
  • Investment Opportunities
  • A new car or boat
*Annual Percentage Rate (APR)


Call (800) 421-2575 and ask for one or our personal lending experts for more information or click below to apply now!


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Subject to credit approval. 

Information about a Home Equity Line of Credit (HELOC) Plan effective March 1, 2017. 

 Plan Period: During the life of the Plan, the minimum Annual Percentage Rate (APR) is 4.75% and the maximum APR is 18.00%, except for any Introductory Period and/or Preferred Rate Period described below.

Introductory Period: During the Introductory Period, the APR is based on the Union Bank, N.A. Prime Rate. As of March 1, 2017, the Prime Rate is 3.75% APR. The APR for this Plan is fixed at 2.49% for the first 12 months of the Plan. As an example for a $10,000 loan balance during this period, your interest only minimum payment is approximately $20.47, depending on the number of days in a billing cycle.

During the 10 Year Draw Period: Following the Introductory Period, the APR is a variable rate which may change quarterly during the Draw Period. During the Draw Period the APR is the Union Bank, N.A. Prime Rate plus a margin of 0.50%. As of March 1, 2017, this is an APR less than the floor rate, so your APR would be the 4.75% floor rate. There are 120 monthly interest payments based on the outstanding balance. As an example for a $10,000 loan balance during the Draw Period, your interest only minimum payment at an APR of 4.75% would be approximately $40.34 and your maximum interest only payment with an APR of 18.00% would be $152.88, depending on the number of days in a billing cycle.

During the 15 Year Repayment Period: The APR is a variable rate which may change quarterly during the Repayment Period beginning the first day of the Repayment Period. During the Repayment Period the APR is the Union Bank, N.A. Prime Rate plus a margin of 0.50%. There are 180 monthly principal and interest payments during the Repayment Period. As an example for a $10,000 loan balance during the Repayment Period, your monthly principal and interest payments with an APR of 4.75% would be approximately $77.78 and your monthly principal and interest payments with an APR of 18.00% would be about $161.08, depending on the number of days in a billing cycle.

Preferred Rate Period: Following the Introductory Period and during the Draw Period and the Repayment Period, there is a 0.50% reduction in the margin (and corresponding floor rate APR if applicable) when payments are automatically deducted from your Redding Bank of Commerce personal checking account. This may result in a minor reduction from the examples provided above to your scheduled monthly payment amount during the applicable Periods.

Assumptions: The APR is based on a maximum loan to value (LTV) of 80%. A Fee of 2.0% of the outstanding balance up to $500.00 (but no more than in permitted by law) will be charged if you close your account within three (3) years of the date it is opened. No Fee will be assessed after three (3) years, or upon sale of the property securing this loan.

Fees: You may be required to pay certain fees, such as appraisal fees, credit reporting fees, title company fees and government agency fees. These fees generally range from $0.00 to $3,000.00. Upon your request we will provide you with an itemization of the fees that you will have to pay.

Conditions: The minimum loan amount is $10,000. Property insurance, including flood insurance if applicable, is required. All products are subject to credit and property approval. This Plan is only available for personal use and when secured by a qualifying single family, owner-occupied dwelling. You may pay your loan down to a zero balance without penalty. However, if your account is closed within three (3) years of the date it is opened a Fee will be charged as outlined in the Assumptions section above. The advertised program terms and conditions may change at any time without notice. The advertised Introductory Period APR is valid only for new HELOC Plans. Offer limited to one HELOC per customer. Other restrictions and limitations may apply. This offer is good as of 03/01/17 with an expiration date of 05/31/17; please call or stop by any branch location for current information about this Plan or other home loan products.