Home Equity Lines of Credit

Realize Your Dreams and Get a Low Introductory Rate!
4.50% APR for the First 6 Months*!

Apply Online

A home equity line of credit can help you realize your goals – from covering unexpected expenses to paying for educational costs or funding home renovations. Tap into your home’s equity with Presidential Bank.
 

Low Introductory Rate!

The Annual Percentage Rate (APR) for your Home Equity Line of Credit will be 4.50% for the first six monthly billing cycles**. Borrow from $10,000 to $500,000. To better understand the repayment schedule, click here for the Home Equity calculator.
 
*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 last changed 05/03/2023 and is 8.25%. The Prime Interest Rate plus a margin of 0.75% is equivalent to 9.00% APR. The maximum APR is 24% and the minimum APR is 4%. Prime may change at any time.
 
**The introductory rate applies to home equity lines of credit for a primary or secondary residence. See the HELOC disclosures for the rates on investment properties.
 

Closing Costs Waived!

You could pay absolutely nothing to establish your Presidential Home Equity Line of Credit. No closing costs -- no application fee -- no appraisal fee -- no points. This can save you hundreds of dollars! Just keep your account open for 36 months to qualify for waived closing costs.
 

Easy to Use!

You can draw against your line at any time during the first ten (10) years, simply by writing a check or making an online transfer to another Presidential account. Free checks are provided.

Uploading and Signing Documents is Easy, too!

Already applied and ready to upload your documents? Click here to sign on to the secure and convenient Consumer Connect Web Portal.
 

Important Information.

Click here to learn more about the specific terms and conditions for a Home Equity Line of Credit from Presidential Bank.
 
This offer is for new Home Equity Lines of Credit [HELOCs] on 1-4 family, owner occupied residences, with a loan to value [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 05/04/2023 and subject to change without notice and cancellation at any time.
 
We offer lines of credits from $10,000 to $500,000. Adequate property and flood insurance are required, if applicable.
 
Lines of credit are for personal, family and household purposes. The HELOC program is not available in California, Nevada, Texas, Illinois, Michigan, Hawaii, Arizona, and New York. After the 6-month introductory period, the line of credit APR 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 last changed 05/03/2023 and is 8.25%. The Prime Interest Rate plus a margin of 0.75% is equivalent to 9.00% APR. The maximum APR is 24% and the minimum APR is 4%. Prime may change at any time.
 

The no closing cost feature is subject to the terms and conditions of the Home Equity Line Agreement, which requires 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 the line of credit is terminated within the first 36 months, all lender paid closing costs must be repaid at the payoff and termination of the account. You then 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.

You may be able to 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.
 

Owner occupied and second residences are eligible as collateral for a home equity line of credit. Call for information regarding investor properties.
 

Presidential Bank lends nationwide. (State restrictions may apply. Not available in: AZ, CA, HI, IL, MI, NV, NY, TX)
 

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.
 

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.
 

All applications are subject to credit approval. The minimum draw amount is $100.
 

For additional information, see the Presidential Home Equity Line of Credit Disclosure Statement.
 

Remember to try the convenient Home Equity Line of Credit Calculator to understand the repayment obligation.
 

For Home Equity Line of Credit inquiries call: (800) 808-1424 extension 3.