What? Where? When? Why?
The value of your home minus the mortgage left.
What is equity?
This $50 fee is charge yearly.
Hint: sometimes its waived.
What is annual fee?
A ratio that compares your total monthly debt payments to your gross monthly income.
Hint: It is used to to evaluate a borrowers ability to manage new debt
What is Debt-To-Income (DTI) ratio?
You have this much time to draw on your line of credit.
What is 10 years?
Favorable rates due to established relationship with a Comerica interest-bearing checking account.
What is Relationship Pricing?
A revolving line of credit that uses the equity in your home as collateral.
What is Home Equity Line Of Credit (HELOC)
This fee is charged if account is closed within first 24 months.
Hint: the charge is based on 2% of credit limit with a max of $350.
What is Early Termination Fee?
A three-digit number that lenders use to predict your creditworthiness, or how likely you are to repay borrowed money.
Hint: A quick way to gauge a financial risk.
What is a Credit Score?
You have this much time to repay your loans after the draw period.
What is 20 years?
This is the method used to access the equity line of credit.
1. What is FlexLine checks?
2. What is Comerica Premier Equity Access Card?
3. What is Comerica Banking Center?
Reasons why someone applies for HELOC.
1. What is Home Improvement/Renovation?
2. What is College Tuition payment?
3. What is Paying off Debt?
4. What is making a large purchase?
5. What is peace of mind or good to have on hand?
All of these types of fees are $29 charge.
What are Over Limit, Return Check, Stop Payment and Late Fee?
This is the time when your credit is open for borrowing, as many times and as much as you need up to the credit limit.
What is the Draw Period?
This is the current introductory rate, for the first 6 months, for a HELOC.
What is 5.99%?
This is what happens if you fail to meet the obligations in your agreement with Comerica Bank.
Hint: when you can't pay-off your debt.
What is homeless?
The customer profile, in Connect, of those who can benefit from a HELOC.
What are homeowners?
The cost charged to determine the market value of a property over $500,000 but waived for those below.
What is Appraisal Fee?
This is the time after the draw period ends and you are no longer allowed to draw from your HELOC.
What is the Repayment Period?
This is the current prime rated based on the Wall Street Journal Index.
What is 7.25?
This is some of the required documentations when applying for a HELOC.
1. What is 2 years of W-2?
2. What is 2 years of tax return?
3. What is Home Owners Insurance Declaration Page?
4. What is current Mortgage Statement?
5. What is credit score?
Comerica has set this percentage as the borrow limit on equity.
What is 80% of home value?
This fee is paid to lock in part of a HELOC for $100, with a minimum lock in of $2,500.
What is Fixed Rate Part of Lock Fee?
...no, you didn't read this wrong it is actually named that.
Interest rate that can be locked over 3, 5, 7, 10, 15 or 20 years.
What is Fixed-Interest Rate?
The current Comerica APR after the introductory rate, per the POD with autopay.
What is 7.75%?
Signed documents that outline your responsibilities and confirm that you understand the terms of borrowing money against your home's value.
What is closing documents?