Introductory Offer
What is the introductory rate for the HELOC?
6.49%
What is the ideal DTI a customer's profile has to be?
At or below 45%
What discount does a customer get when they sign up for Auto Pay?
0.25% off of their rate.
How many billing statements does the introductory offer last?
Six billing statements
What income documents are needed to be reviewed by Underwriting?
Tax Returns, W2s, Profit and Loss Statements, etc.
What account does the customer qualify for when opening a HELOC?
Premier Package Relationship
What is the rate after the introductory offer?
Depends but will start at 9.50% APR
How long is a HELOC Application good for before documents expire?
45 days
How much do I have to pay per month?
$100 Minimum
What is the maximum rate your HELOC could be?
18%
Are customers required to add Comerica as a lienholder on their property?
Yes!
Am I required to pay toward my principal balance for a certain timeframe?
10 Year Draw and 20 year repayment.
What is the minimum draw for the state of Texas?
$4,000
What's the max amount Comerica can lend to a customer based on the property being their primary residence?
80%! LTV
Can I fix my rate at anytime instead of it being a floating rate?
Yes! You can have up to three different rate locks on your Home Equity.