Use your home to your advantage with a home equity line of credit. Whether you’re in need of a quick cash advance or you’re looking to finance home repairs, Comerica has a convenient and flexible solution that will work for your situation.1
Lines of Credit
A Comerica Home Equity FlexLine® makes it easy to meet your financial goals. Leverage the equity in your home with a line of credit that offers cash advances and allows you to borrow as much or as little as you need2 on a revolving basis with a number of low-interest, low-payment options3. Stay financially flexible with a Comerica Home Equity FlexLine.
Features include:
1 All loans are subject to credit approval. Consult your tax adviser for further information regarding the deductibility of interest and charges.
2 The minimum Comerica Home Equity FlexLine draw by check is:
Michigan Plan: No minimum
Arizona Plan: No minimum
Florida Plan: No minimum
California Plan: No minimum
Texas Plan: $4,000
3 Home Equity Lines of Credit Interest-Only Payment Feature – Is It for You?
What is an Interest-Only Payment Feature?
An interest-only payment feature allows you to pay only the interest for a specified number of years. After that, you must repay both the principal and the interest.
When Might an Interest-Only Payment Feature be Right for You?
Interest-only payments may be risky if you won’t be able to afford the higher monthly payments in the future. However, if you have modest current income but are reasonably certain that your income will go up in the future (for example, if you’re finishing your degree or training program), interest-only payments may be right for you. Be sure you understand the loan terms and the risk you face. And be realistic about whether you can handle future payment increases. If you’re not comfortable with these risks, ask about another loan product.
Interest-Only Payment Changes
Your payment amount could increase significantly during the draw period if the Annual Percentage Rate increases to a maximum of 18%. In addition, your monthly payments will increase when your account goes into repayment.
Payment Shock
Your payments may go up a lot — as much as double or triple — after the interest-only period or when the payments adjust.
Prepayment Penalty
Extra fees may be due if you pay off the line of credit early. Ask us if there is a prepayment penalty.
