Home Equity Loans & Lines of Credit
Borrowing solutions for homeowners to remodel, repair or whatever you need!
- Interest may be tax-deductible1
- NO early payoff fees
- NO application fees
- NO bank fees at closing
| Home Equity Loan | Home Equity Line of Credit |
|
|---|---|---|
| Uses |
|
|
| Monthly Payments | Fixed monthly payment |
Variable monthly payments |
| Interest Rate | Fixed rate for life of the loan |
Variable rates that follow the market |
| Term Options | Up to 12 years |
10 years |
| Loan Amount | Up to 90% of the equity in your home |
Up to 85% of the equity in your home |
| Access to Funds | Single, lump-sum payment |
Write checks, transfer funds through Online Banking or in a branch as you need money |
| Tax savings potential1 | Yes |
Yes |
| Rate Discounts | Discount of up to 0.75%2 |
|
| Closing Fees | None3 |
None3 |
Disclosures:
- Consult with your tax advisor regarding the deductibility of interest.
- Up to 0.50% discount for those who choose automatic payment from their CommerceOptionsSM checking account, plus an additional 0.25% discount if refinancing from another lender. Mortgages and dealer loans are not eligible to receive the personal loan discounts. Additional refinancing option is limited to one discount per new installment loan, and is not applicable to Commerce credit card or loan account payoffs. Subject to credit approval. CommerceOptions requires significant product relationships or a $12 or $20 monthly fee.
- Missouri, Illinois and Colorado residents incur no fees or closing costs. Kansas residents are required to pay state mortgage tax of $2.60 per $1,000 of mortgage filed. Oklahoma residents are required to pay state mortgage tax of no more than $.10 per $100 of mortgage filed; no other fees or closing costs apply.
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