DETROIT, Sept. 2 /PRNewswire/ -- Comerica Bank today introduced the Home Equity Flexline, which provides the convenience of a line of credit with the security of a fixed-term, fixed-rate loan in one account. "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," explained James L. Allen, first vice president, Consumer Finance at Comerica. "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." With the Home Equity Flexline, consumers only apply once -- new applications are not required each time a loan option is selected -- and may never have to apply for credit again. The Home Equity Flexline has no application fee, no closing costs and no annual fee and provides an introductory rate of 5.9% for up to six months for new customers who apply between September 1, 1998, and October 30, 1998 and who activate their line of credit within 60 days of the account opening. Customers can borrow up to 100 percent of their home's value. The Home Equity Flexline can be used for debt consolidation, college expenses, home improvements and other financial needs. With the Equity Flexline, consumers can borrow over the phone, in person, by using convenience checks or by using a VISA Gold Access Card. Rates on the Home Equity Flexline vary based on several factors, including the amount of the line of credit, the percentage of the home's value that is borrowed, and credit history. Home Equity Flexline customers receive only one monthly statement and make just one monthly payment. Because each payment received replenishes a customer's credit line, there is no need to reapply for credit. Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a diversified financial services provider headquartered in Detroit that operates banking subsidiaries in Michigan, Texas, California, and Florida. Comerica is the 24th largest bank holding company in the nation with assets totaling $35 billion.
SOURCE Comerica Bank