Unlock financial flexibility with a home equity loan that lets you borrow what you need, when you need it. No matter what your current goals are, a Comerica Home Equity FlexLine® can make them happen, for less.
Home repairs & renovations1
Finance repairs and improvements to reinvest money back into your home.
Education & tuition1
Fund educational expenses, including tuition for higher education.
Leverage your home equity to pay off debt at a lower interest rate.
Get a cash advance for a vehicle or other large, one-time expense.
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 draw: No minimum
Arizona draw: No minimum
Florida draw: No minimum
California draw: No minimum
Texas draw: $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.
Your payments may go up a lot — as much as double or triple — after the interest-only period or when the payments adjust.
Extra fees may be due if you pay off the line of credit early. Ask us if there is a prepayment penalty.