Home Equity Lines of Credit

Your home can be a smart financial partner. For home improvement, college tuition, vacation, a new car — or for any other good reason. Commerce Bank has the right home equity line of credit for you.

We offer financing at low variable and fixed rates. All our home equity line decisions are made locally, so you can count on a quick response.

 Home equity lines of credit can be a very powerful tax-deductible financial tool. Since home equity credit is a type of mortgage, it shares lower interest rates and the tax advantages of mortgages. You can borrow up to $250,000 of your available home equity for virtually any purpose; in most cases, 100% of the interest paid each year is tax deductible. Ask your tax advisor regarding the possible tax benefits.

Taking out a home equity line of credit is a serious decision because it is a lien on your home. But there are many situations where it may be just what you need—from paying off higher- rate credit card bills, to covering college tuition.

No closing costs! No annual fee! No teaser rates!

 

Fixed Rate Home Equity Line*                                                                                      

  • Minimum Line $25,000                                                                                                                                                           
  • Maximum Line $250,000
  • 5 year Draw Period
  • No Minimum Withdrawal at Opening
  • 15 Year Repayment Schedule
  • Minimum Payment in draw period is interest only.

Variable Rate Home Equity Line**

  • Minimum Line $25,000                                                                                                                                                           
  • Maximum Line $250,000
  • Variable Rate Feature
  • 10 Year Draw Period
  • No Minimum Withdrawal at Opening
  • 15 Year Repayment Schedule
  • Minimum Payment in draw period is interest only.

 

Qualifying Collateral: Properties located in Massachusetts, Connecticut, Rhode Island, and New Hampshire. They must meet the standards of year round livable units with fully functioning utilities such as electricity, gas, water and septic/sewerage. The bank will reserve the right to not accept any property that they feel does not meet these minimum requirements.

  • 1-4 Family owner occupied properties up to 80% LTV
  • Condominiums up to 80% LTV
  • Second homes not used for income producing purposes. Maximum LTV 70% and Max Loan $100,000
  • No investment properties.
  • The bank must be in a valid first or second position.
  • Maximum total liens on property not to exceed $500,000

 

Incentive:  0.25% discount for either a first lien position or auto deduct from a Commerce Bank account.

 

You can begin your application process here, or pick up an application at any of our convenient branch locations.

If you already have a Commerce Bank deposit account, you can have your payments automatically deducted from your deposit account each month.  If you don’t, banking with us couldn't be simpler.  Click here to see the wide array of personal accounts we have available. Call your local branch, (800) 698-2265, or email us.

 

Commerce Bank NMLS ID #410623

* The Annual Percentage Rate (APR) will be fixed for the draw period of the Line of Credit at the Prime Rate as listed in The Wall Street Journal (Prime) plus 1.74% (currently 5.24 APR% as of 7/12/16). The Annual Percentage Rate during the repayment period will be fixed at the Prime Rate as listed in The Wall Street Journal (Prime) as of the date that the repayment period begins plus 1.74% (currently 5.24 APR% as of 7/12/16).   Property insurance will be required.    The consumer should consult a tax advisor for further information regarding the deductibility of interest and charges. Offer subject to change without notice. See a Personal Banker for additional terms and conditions.

** The Annual Percentage Rate (APR) may vary monthly and will be based on the Prime Rate as listed in The Wall Street Journal (Prime.) The APR will not be less than 2.74% APR or more than 18% APR. As of 7/12/16 the Prime Rate is 3.50%. Property insurance will be required.    The consumer should consult a tax advisor for further information regarding the deductibility of interest and charges. Offer subject to change without notice. See a Personal Banker for additional terms and conditions.