Low Introductory Rate!
1.99% APR for the First 6 Months!

 
The Annual Percentage Rate (APR) for the Home Equity Line of Credit will be 1.99% for the first six monthly billing cycles after loan closing. After the 6-month introductory period, the line of credit will vary and will be based on the Wall Street Journal Prime Rate (Prime) plus a margin of 0.75% (Prime plus 0.75%). The Prime Interest Rate as of the last change date of 03/17/2020 is 3.250%. The Prime Interest Rate plus a margin of 0.75% is equivalent to 4.00% APR. The maximum APR is 24% and the minimum APR is 4%.  Prime may change at any time.

This offer is for new Home Equity Lines of Credit on 1-4 family, owner occupied residences, with an LTV no greater than 85%. The disclosed rate requires a credit score greater or equal to 680. Financing is subject to credit approval, income approval, and property appraisal; additional evaluation and verification criteria may apply. This offer and the disclosed rates are effective 07/01/2020 and subject to change without notice and cancellation at any time.

Property insurance is required. If the line of credit is terminated within the first 36 months, all Lender paid closing costs estimated between $240 and $3,500 must be repaid at the payoff and termination of your account.

Lines of credit are for personal, family and household purposes. The HELOC Loan program is not available in Florida, California, Nevada, Texas, Illinois, Michigan, Hawaii, Arizona, New Jersey, and New York.

 

Line of Credit Amounts

$10,000 to $500,000

 

Closing Costs Waived!

You pay absolutely nothing to establish your Presidential Home Equity Line. No closing costs -- no application fee -- no appraisal fee -- no points. This can save you hundreds of dollars!

 

This no closing cost feature is subject to the terms and conditions of the Home Equity Line Agreement, which require that the line must remain open for a minimum of 36 months. All applications are subject to credit approval. Adequate property and flood insurance required, if applicable. The minimum draw amount is $100. If you fail to qualify for the waiver of closing costs, you may be charged for your credit report, property appraisal, mortgage recording fees and other out-of-pocket costs of closing your loan; these costs generally total between $240 and $3,500. We will provide an itemization of the closing costs of your loan upon request. For additional information, see the Presidential Home Equity Line of Credit Disclosure Statement.

 

Tax Deductions

Unlike credit card interest and other non-mortgage interest you may pay, you can deduct the interest you pay on a home equity line of credit for federal income tax purposes, subject to the requirements of the Internal Revenue Code. Consult a tax advisor regarding the deductibility of interest.

 

Drawing Against Your Line

You may draw against your line at any time during the first ten (10) years, simply by writing a check. Free checks are provided.

 

Eligible Property

Owner occupied and second residences.

Call for information regarding investor properties.

 

Lending Area

Nationwide (state restrictions may apply. Not available in: AZ, CA, FL, HI, IL, MI, NJ, NV, NY, TX)

 

Maximum Loan to Value Ratio

The combined amounts of your first mortgage and the dollar limit on your Home Equity Line may not exceed 85% of the value of your home.

 

Repayment

Monthly payments are required, whenever the Home Equity Line of Credit has a principal balance outstanding. Principal may be prepaid at any time without penalty. The Line has an initial draw period of 10 years (120 months), during which advances may be made, followed by a repayment period of 20 years (240 months).

 

During the first 120 months of the term of the Home Equity Line of Credit, principal may be advanced and repaid at any time, subject to the approved maximum loan amount. Whenever a loan balance is outstanding, monthly payments of interest are required. After the end of the first 120 months, no further advances of principal will be made, and the line of credit must be repaid over the succeeding 240 months in monthly installments equal to 0.4167% of the principal outstanding at the beginning of this repayment period, plus accrued interest.

 

Terms

All applications are subject to credit approval. Adequate property and flood insurance required, if applicable. The minimum draw amount is $100. For additional information, see the Presidential Home Equity Line of Credit Disclosure Statement.

 
 
 
 

Try our convenient HELOC Calculator.

For Home Equity Line inquiries call: (800) 383-6266, fax: (301) 652-2636. 

 
Last Modifications: 11/9/2020 4:41:44 PM