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For Home Equity Line inquiries call:
(800) 281-2771, fax: (301) 657-8069
or apply online.
$10,000 to $500,000
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.
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.
You may draw against your line at any time during the first ten (10) years, simply by writing a check. Free checks are provided.
Owner occupied and second residences.
Call for information regarding investor properties.
Nationwide (state restrictions may apply. Not available in: AZ, CA, FL, HI, IL, MI, NJ, 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. 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.
*APY = Annual Percentage Yield
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