Unlock the Power of Your Home
A home equity line of credit may be smart choice to help you meet your personal financing needs.1 By leveraging the equity in your home, you can benefit from competitive rates, high credit lines, the borrowing power to finance what matters to you most and a source of funds that may be potentially tax-deductable.2
Merrill Lynch offers the following home equity products for your personal financing needs (see links for product specific information and important loan considerations):
Equity Access® Account: A home equity line of credit that offers the flexibility to draw funds as needed.
- Rates as low as prime with a discount of .75% for qualified clients, first lien position (additional reductions available).3
- Borrow up to 90% of your home’s value.4
- Credit lines up to $2 million (higher amounts available on a negotiated basis).
- No Merrill Lynch closing costs, minimum withdrawals (excluding Texas) or minimum balances.
- Close from the convenience of your home or office with our Convenient Loan Closing program.5
Flexible FirstSM: A first mortgage combined with a home equity line of credit.
- Blend your rate for interest savings.
- Reduce your out-of-pocket expenses.
- Increase cash flow.
For more information, contact your Merrill Lynch Financial Advisor or call a Merrill Lynch Loan Consultant at (800) 854-7154.
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1Equity Access® funds may not be used to purchase, carry, or trade securities or repay debt incurred to purchase, carry, or trade securities.
“Interest-only” mortgages allow you to pay only the interest on the money you borrow for a certain number of years. If you only pay the amount of interest that’s due, once the interest-only period ends, you will still owe the original amount you borrowed and your monthly payment will increase – even if interest rates stay the same – because you must pay back the principal as well as interest. You should ask what the payments on your loan will be after the end of the interest only period. If you are considering an adjustable-rate mortgage, ask about what your payments can be if interest rates increase.
2Merrill Lynch does not provide specific recommendations on tax issues. Consult your tax advisor regarding the deductibility of interest expense. Interest expense may not be deductible for all taxpayers.
3Rate based on single-family, owner occupied, excellent credit, LTV less than or equal to 85%, loans up to $750K and first lien position. Discounted rates also available for second lien with rates as low as Prime minus .50 based on single family, owner occupied excellent credit, CLTV less than or equal to 75%and loans up to $750K.
Click here for Important Loan-Cost Disclosures.
Subject to applicable charges and mortgage recording taxes that may range from zero to $18.75 per $1,000 of mortgage amount. Recording taxes on the first $200,000 of all credit lines are paid for by MLCC, the borrower is responsible for any remaining tax due on larger loan amounts. Property insurance is required to establish and maintain your line of credit.
490% Loan-to-Value ratio is available to clients with excellent credit histories for Equity Access® line amounts up to $75,000. Not available in Texas.
5The following states are not eligible for this program -New York, Texas, Connecticut, Maine, Georgia, South Carolina, Delaware and Arkansas because loans in these states must be closed with a local attorney.