Foreign National Home Finance Program
The Foreign National Home Finance program provides home financing solutions for qualified non-U.S. citizens who are purchasing or refinancing a residence or investment property in the United States.1
What products are available with the Foreign National Home Finance program?2
· PrimeFirst®, our 25-year adjustable-rate mortgage, which offers interest-only payments for the first 10 years, with fully amortizing payments for the remaining term.
· Non-conforming 3- and 5- year fixed-to-adjustable-rate mortgages, which offer interest-only payments for the first 10 years.
· Competitively-priced home equity lines of credit.
What features or additional programs are available with the Foreign National Home Finance program?
For additional information on the Foreign National Home Finance Program, talk to your Merrill Lynch Financial Advisor, or call 1-800-886-5302.
1Programs and options are available with the following caveats:
· Individuals who have not had an active Merrill Lynch account for 24 months or greater or are categorized as a Special Circumstance Clients are not eligible for Equity Access® credit line, cash out refinances, Parent Power®, and/or investment property financing.
o To be considered an active Merrill Lynch client, you must have opened a Merrill Lynch account at least 24 months prior to the submission of an application with MLCC and the account must have had regular and recurring account activity consisting of securities transactions during that period.
o Foreign Nationals categorized as Special Circumstances Clients include self-employed clients in specific industries and/or residents of certain countries.
· Clients without a Merrill Lynch account or those who fall into Merrill Lynch’s Special Circumstance category are not eligible for Equity Access® credit line, cash out refinances or Parent Power®.
· Foreign nationals with diplomatic immunity are not eligible for MLCC’s Foreign National Program.
2If interest rates increase, your monthly mortgage payments may also increase. When deciding whether an adjustable-rate mortgage is right for your situation, you should consider the potential risk of rising rates and such factors as how long you plan to own your home.
“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.
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