Comerica Bank to Introduce Home Equity Flexline

New Account Combines Equity Line of Credit with Fixed Rate Loans

Sep 02, 1998, 01:00 ET from Comerica Bank

    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