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.
Unlike 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