Comerica Introduces Home Equity Flexline

Comerica Bank, Detroit, has introduced a home equity account that combines the convenience of a line of credit with the security of a fixed-term, fixed-rate loan.The Home Equity Flexline -- which has no application fee, no closing costs, and no annual fee -- can be used for debt consolidation, college expenses, home improvements, and other needs, the bank said. "We believe this is the first home equity account in Michigan to combine a line of credit with up to two fixed-rate, fixed-term payment options, giving consumers greater control over their borrowing," said James L. Allen, Comerica's first vice president for consumer finance. "The consumer decides when to borrow, whether to use the fixed-rate installment loan or the variable-rate line of credit, and how to access the account." The new product allows consumers to borrow up to 100% of their home's value, and borrowing can be done over the phone, via convenience checks, or with Visa Gold Access cards, Comerica said. Rates vary based on factors such as credit line amount, loan-to-value ratio, and credit history. The website address of Comerica's mortgage page is http://www.comerica.com/mortgage/index.html.