Borrow against your home equity for debt consolidation, home improvements or other major expenses.
A home equity line of credit provides flexible funding options for when you need to start a new home improvement project, consolidate debt or pay for an unplanned expense.
Apply now for a Commerce Home Equity Line of Credit Need more answers?
What is a home equity line of credit?
A home equity line of credit — or HELOC — allows you to tap into your home's equity with a reusable line of credit you can access whenever you need the money, such as to pay off debt, make home improvements, and cover other expenses.
Apply now for a home equity loan
Calculate how much you can borrow.
HELOC rates and payment examples
Get a home equity loan in 3 easy steps.
Application
Start by submitting your application in 20 minutes or less.
Closing
Set up closing after submitting the application and documentation to receive your funding.
Cash out and make the most of your home's value with a single large loan.
Home equity line of credit FAQs
Can you use HELOC funds to pay off a mortgage?
While you may be able to pay off a mortgage with a HELOC, we do not recommend paying an amortizing loan with a revolving line of credit. Instead, we would recommend you pay off your mortgage with home equity loan.
What is the difference between a home equity line of credit and mortgage refinance?
Home Equity Line of Credit: A home equity line of credit is a revolving line of credit you borrow against the equity in your home. Equity is the difference between the market value of your home and what you owe on any loans secured by the home, such as a mortgage loan. You can obtain a home equity line of credit using your home equity as security, generally without paying bank fees at closing. You can use that money to cover a large expense like home improvement projects or smaller expenses over time.
Mortgage Refinance: A mortgage refinance loan pays off the remaining balance of your existing home loan and replaces it with a new mortgage loan. This is different from a home equity line of credit because it replaces your existing mortgage with another mortgage instead of being an additional lien on your home. You may refinance your home to borrow additional money for expenses or to receive a lower interest rate. Unlike a home equity line of credit, there are generally bank fees associated with refinancing.
For more information consult our home equity specialists.
How do I access my home equity funds?
To access the funds available in your home equity line of credit, you can:
- Log in to Online Banking to transfer funds to your checking account.
- Call the 24-hour account information line at 800-453-2265 to transfer funds over the phone.
- Visit your local branch to speak with a banker.
- Use your home equity line of credit account checks.
Home equity loan funds will be deposited directly into the designated checking or savings account shortly after loan closing.
Disclosures:
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Limited time offer. Subject to credit approval. Introductory Annual Percentage Rate (APR) of 2.99% available on new lines of credit only with combined loan-to-value (LTV) ratio (including prior mortgages or liens) of 90% or less. Initial rate is fixed for 6 months following account opening date, and is not based on index and margin used for later rate adjustments. Introductory rate offer not available for refinances of existing Commerce Bank Home Equity Lines of Credit. After the 6-month introductory period, the rate is a variable rate subject to change with the changes in the Prime Rate. Rate offer of 9.50% APR available only on new lines of credit with combined LTV ratio (including prior mortgages or liens) of 80% or less, and reflects the rate discount of 0.25% for automatic payments from a Commerce checking or savings account. An additional 0.25% rate discount can be applied after the intro rate period, when $7,000 or more of the loan is refinanced from another financial institution. Refinancing discount is limited to one discount per new loan and does not apply to Commerce credit card or loan account payoffs. The APR may range from Prime Rate plus 1.00% to Prime Rate plus 2.50% depending on LTV and customer relationship. The Prime Rate used is the U.S. Prime Rate quoted in the “Money Rates” column of The Wall Street Journal on the last business day of the month. As of August 27, 2022, the APR can range from 9.50% to 11.00%. The APR may change monthly, but will not be lower than 3.99% APR, nor exceed 17.65% or 20.04%, depending on LTV. Maximum combined LTV is 90% (including prior mortgages or liens). Interest only option available only on lines of credit with combined LTV ratio (including prior mortgages and liens) of 80% or less. At maturity, entire balance payment is required in a single “balloon payment.” Insurance must be carried on property securing this loan. Missouri, Kansas, Illinois, and Colorado residents incur no fees or closing costs. 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. Rate discounts cannot be combined with any other offer. Mortgages and dealer loans are not eligible to receive these rate discounts. Refinancing discount is limited to one discount per new loan, and does not apply to Commerce credit card or loan account payoffs.
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Monthly payment examples are based on the sample amounts drawn against a line with combined LTV ratio (including prior mortgages or liens) of 80% or less. Rates shown are with and without the 0.25% rate discount for automatic payments from a Commerce checking or savings account. Payments will vary based upon balance amount and interest charges.
