You can leverage the equity in your home to achieve personal goals with more freedom and lower interest rates.
What you need to know about this loan:
- Revolving line of credit with flexible use, similar to a credit card
- Competitive interest rates, potentially tax-deductible (consult your tax advisor)
- Interest-only payment option during the draw period
- Minimum check draw is $4,000 in Texas and no minimum in other states
Pros
- Pay interest only on the amount used – helps with monthly budget management
- Option to convert variable balance into fixed installments during the draw period
- Lower rates than credit cards or unsecured personal loans
- Flexible usage: home improvements, education, debt consolidation, or large purchases
- Easy access via checks or Mastercard card, except in Texas
Cons
- Payments may increase significantly after the interest-only period
- Early payoff may result in a prepayment penalty
Why choose Comerica for your loan?
Comerica Home Equity FlexLine® offers more affordable rates than Chase Bank, which usually has higher income requirements.
While U.S. Bank tends to have a more bureaucratic process, Comerica provides quicker credit access.
Compared to Bank of America, which limits withdrawal flexibility, Comerica gives users more control.
Capital One mainly focuses on credit cards and doesn’t offer as competitive equity-backed options as Comerica.
Wells Fargo has strong options but doesn’t allow converting the balance into fixed installments like Comerica does.
Comerica Home Equity FlexLine®: let’s get to know it a little better
How to apply for your Comerica Home Equity FlexLine®
Explore every opportunity this flexible credit line offers and discover how to turn your equity into financial freedom.