Comerica's Home Equity Line of Credit

Owning a home gives you the opportunity to get equity financing. That's how Comerica's Home Equity Flexline works. If you've already paid off a portion of your mortgage and your home or apartment has appreciated in value, this may be a good option for borrowing money.

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Purpose
For financiate: Any expense or investment
Destiny: Free investment
Advantages: You can get up to 80% of the value of your property, low interest rate and revolving credit.
Interest
Interest: 5.74% APR for the first 6 months, then adjustable, currently at 8.75% APR
APR: 8.75%
Limits
Minimum of years: Consult
Maximum years: 20 years
Minimum financing: Consult
Maximum funding: Consult
Maximum percentage: 80%
Commissions
Investigation commission: Consult
Opening commission: Consult
Commission for advance payment: 0%
Commission for surrogacy: Consult

More information of Home Equity Line of Credit

A HELOC (Home equity line of credit) is a line of credit backed by the equity in a property you own. This represents the difference between the value of your home and your mortgage balance.

HELOC from Comerica BankUnlike other unsecured loans, you can get lower interest rates and it works like revolving credit.

When you use Comerica's Equity Flexline, you get more buying power to pay or invest as you need. You can use it to make home improvements, take a vacation, finance education and more.

This product also allows you to convert an adjustable-rate amount to a fixed-rate (+$2,500) when needed and its interest may be tax-deductible.

When you apply for this home equity line of credit, you can obtain up to 80% of the equity in your home. Plus, you have 10 years to draw, 20 years to repay and you can set up automatic payment for a Comerica checking or savings account.

Comerica's Flexline home equity line of credit is a viable alternative for obtaining funds at an APR lower than a credit card. If you need to compare this product to find out which one is best for you, you can use Busconomic's search engine.

Español: Línea de crédito con garantía hipotecaria de Comerica