Comerica Bank: 2025 Home Equity Review
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At a glance
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Loan amount
$10,000 to $500,000
Min. credit score required
Undisclosed
Repayment terms
Up to 20 years
Funds available in
30-45 days
Comerica Bank offers a home equity line of credit (HELOC), which the institution calls a Home Equity FlexLine. Its HELOC rates are competitive and the bank offers a deeply discounted starting annual percentage rate (APR) for the first six months. Comerica’s FlexLine comes with some other good options, too, like the ability to access funds via a Mastercard and to convert the balance to a fixed-rate loan at any point. That said, Comerica’s customer service and reputation aren’t stellar, and the HELOC is only available in five states.
Comerica Bank overview
Founded in Detroit in 1849, Comerica Bank has grown into a sizable regional bank, serving customers in 17 states, including 14 major metro areas, as well as Canada and Mexico. However, its home equity lines of credit are only currently available in the five states in which it’s most established.
Bankrate insight
Comerica Bank has made recent expansions into the Southeast and Mountain West regions.
Home equity loan products offered
Comerica only offers a home equity line of credit (HELOC), its Home Equity FlexLine.
The bank’s HELOC is a variable-rate line of credit for up to 80 percent of your combined loan-to-value (CLTV) ratio. Borrowers can draw from the account for up to 10 years, paying only the interest that accrues during that time.
After that, Comerica offers repayment terms of up to 20 years. The bank also offers the option to transfer all or part of the variable-rate loan to a fixed-rate repayment option at any point during the draw period. This transfer comes with a $100 fee in every state other than Texas.
Currently, Comerica’s FlexLines come with an 6-month introductory APR that’s more than 2 percent lower than the lowest regular APR.
Pros and cons of Comerica Bank
Pros
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Ability to convert HELOC to a fixed-rate loan for repayment at any point
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Low introductory rates, highly competitive regular HELOC rates for six months
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No title fees and no cost for the initial property valuation for credit line amounts up to $500,000
Drawbacks
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Only offers HELOCS for up to 80 percent of your home’s value (other lenders go higher, often to 85 or 90 percent)
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Only offers HELOCS, and only in five states.
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Early termination fee of 2 percent of the approved line or $350–$500, depending on the state — whichever is lesser — for fully paying off and closing the line in the first two years (three in California)
How Bankrate scored Comerica Bank
Affordability: 5/5
- APR: Comerica Bank currently advertises starting APRs that are below average current HELOC rates. This starting rate assumes, though, that the borrower gets a 0.25 percent discount for setting up automatic payment from a Comerica Bank deposit account.
- Introductory APR: FlexLines come with a dramatically reduced APR for the first six months.
- Fees: For borrowers who get a FlexLine of $500,000 or less, Comerica covers title and property evaluation fees. The bank does charge annual fees in states other than Texas: $80 in California and $50 in Arizona, Michigan and Florida, along with a $100 transfer fee each time you freeze your balance to a fixed rate. And closing the line within two years (three in California) can result in a fee of up to $350 in Arizona, Florida and Michigan or up to $500 in California (no fee in Texas).
Because Comerica Bank offers competitive APRs — with a fairly impressive introductory rate — and is transparent about its fees, some of which it covers, we scored it a perfect 5 out of 5 for affordability.
Availability: 2.3/5
- Loan products: Comerica Bank only offers home equity lines of credit (its FlexLine), not home equity loans.
- Footprint: Currently, FlexLines are available in Arizona, California, Florida, Michigan and Texas–a small footprint, though those states include a third of the U.S. population.
- Credit score: No Comerica team member with whom we spoke was able to disclose the bank’s credit score requirements to us.
- Loan minimum: $10,000, which is low by home equity lending standards.
- Draw requirement: FlexLines only have a draw requirement in Texas. There, the minimum draw is $4,000, as required by state law.
Because Comerica Bank doesn’t offer home equity loans, only offers HELOCS in a handful of states and isn’t forthcoming with its credit score requirements, we gave it 2.3 out of 5 for availability.
Borrower experience: 3.6/5
- Rate transparency: Comerica has a landing page dedicated to showing potential borrowers the starting APR (and the current regular APR thereafter) for HELOCs in their state.
- Convenience: To start a FlexLine application, borrowers can apply online, visit a branch location (which Comerica calls a banking center) or apply over the phone.
- Customer service: Comerica has two helplines for consumer loans, including HELOCs. If you already have a loan, you can call 855-451-9201 from 7:00 a.m. to 7:00 p.m. ET Monday through Friday. New loan applicants can call 800-266-3742 from 8:00 a.m. to 9:00 p.m. Monday through Friday. That said, in our experience, trying to navigate the Comerica phone tree wasn’t easy and requires spending some time on hold.
- Fixed-rate options: While Comerica FlexLines come with an adjustable rate (as do most HELOCs), borrowers have the option throughout their draw period to convert some or all of their balance to a fixed-rate loan for repayment.
The Comerica team is reachable via phone and at branch locations, and prospective borrowers can also apply online. We dinged the bank a bit, though, for its lack of consumer loan customer care on the weekends, the runaround we got in its phone tree and the fact that it doesn’t offer fixed-rate home equity loans. That resulted in a score of 3.6 out of 5.
How to qualify for a HELOC with Comerica Bank
Whether you qualify for a Comerica Bank HELOC depends on a few factors: your credit score, CLTV, existing debt and the collateral used to secure the loan.
The bank limits the CLTV ratio to 80 percent for a HELOC.
How to apply for a home equity loan with Comerica Bank
When you’re ready to apply for a Comerica Bank home equity product, you can do so in a few ways: online, over the phone (800-266-3742) or at a branch.
Bankrate insight
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Comerica Bank’s reputation
Comerica Bank is accredited by the Better Business Bureau (BBB) and has an A+ rating. That said, reviews with the BBB give it an average of 1.04 out of 5 stars.
J.D. Power evaluated Comerica against its competition in the North Central region as part of the 2024 U.S. Retail Banking Satisfaction Study. The financial institution ranked last in the region, and a fair margin behind other banks.
The Consumer Financial Protection Bureau (CFPB) sued Comerica in early December 2024. The CFPB alleges that the bank has been “systematically failing” over three million disabled and older Americans who were Direct Express (a prepaid debit card program) cardholders — deliberately disconnecting their calls, mishandling complaints, and harvesting junk fees.