Comerica was started in 1849 when it was known as Detroit Savings Fund Institute. The very first day, six customers came into the institute. Two years later, the company was home to 300 customers. By 1870, it was thriving. In 1929, the stock market crashed, so the company went through a rough time, including layoffs. However, by 1933, the company began to improve and regained its momentum. It became one of the first banks to offer FHA mortgages. During World War II, many employees went to fight in the war, so many women were left to fill the vacancies. In the 1980s, the company’s name was changed to Comerica Incorporated. So, if you are looking to buy a new home or refinance an existing mortgage, Comerica Inc. can help you get an excellent home loan. Comerica Inc. mortgage rates are in line with the rest of the lenders.
Comerica Inc. Current Mortgage Rates
Rates are competitive, so now is a good time to purchase a new home or refinance a home. If you need information on the current rates for Comerica, visit with the latest mortgage rates.
|Type of Mortgage Rate||Interest Rate||APR (Annual Percentage Rate)||Estimated Monthly Payment|
|30-year fixed rate||4.375%||4.422%||$898.72|
|20-year fixed rate||4.080%||4.145%||$1098.37|
|15-year fixed rate||3.530%||3.615%||$1289.45|
*** Rates change daily, so for the latest information on mortgage rates, check with on the website.
Comerica Inc. Mortgage Rates Additional Information
Comerica offers fixed mortgage rates, so your rate will remain the same throughout the loan. The interest and the monthly payment amount does not increase or decrease. If you are planning to only be in your home temporarily, you might want an adjustable rate mortgage. Adjustable rates will fluctuate depending on the mortgage market trends. The company also offers jumbo mortgages, so you can check the jumbo mortgage rates. A 30-year jumbo mortgage would be 4.15%.
Adjustable rate mortgages are less risky for lenders; however, they are riskier for borrowers. You could get a lower rate initially, but rates could increase, and it might be more difficult to make payments. When an adjustable rate mortgage resets, you will receive the full index rate.
With an adjustable rate mortgage, there is normally a cap on how high the rate can go throughout the life of the loan. It also usually has a limit on how low the rate can go.
To make your payments more affordable, you could get a mortgage modification. If you are facing financial hardship, the lender might help you out by modification. This could help keep you from losing your home to foreclosure.
You can choose from the 30-year mortgage rates, 20-year mortgage rates, or 15-year mortgage rates. The shorter the term, the quicker you pay off your mortgage. The company will provide a closing date that you both agree on, and if the deal is not ready by then, you will receive $500 in closing costs.
Comerica Inc. will help you determine what you can afford and the closing costs. You can get pre-approved for the loan, so you can shop with confidence. When applying, the company will look at your ability to repay the loan and the income you make. Your credit will also be evaluated.
You can check the status of the loan anytime on the website. When you get your home mortgage rates, you should use a mortgage rate calculator to help you determine the cost of the loan. The calculator is on their tools page.
Comerica Inc. mortgage rates will offer you a good lending experience, so visit the website to find out more information. If you have any more questions, you can visit the frequently asked questions page. You can contact the company by phone at 800-266-3742. Contact Comerica Inc. to begin the dream of owning a new home.