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HOME FINANCING |
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Your mortgage is one of the largest financial transactions you will ever make. However, most people do not evaluate the impact that their home financing decisions have on their overall financial goals.
The Total MerrillSM difference -- at Merrill Lynch you can work with a Merrill Lynch Financial Advisor who will assist you in selecting a customized mortgage solution that fits your individual needs and positively affects your overall financial strategy. This includes cash-flow considerations, savings goals and tax minimization strategies.
Our home financing programs include (see links for product specific information and important loan considerations):
- Adjustable-Rate Mortgages (ARM) - Take advantage of cash-flow control and flexibility. Merrill Lynch's adjustable-rate mortgage, known as PrimeFirst®, is a 25-year ARM with interest-only payments for the first 10 years, then amortizing payments for the remaining 15 years.
- Blended Rate® Mortgage - An adjustable-rate mortgage that combines a fixed rate and an adjustable rate during an initial period of 3, 5 or 7 years. During this time, you can benefit from lower rates than for most fixed-rate mortgages and gain more protection against rising rates than an ARM.
- Fixed-to-Adjustable-Rate Mortgages - 30-year, adjustable-rate mortgages with your choice of an initial fixed-rate period of 2, 3, 5, 7, 10, or 12 years.
- Fixed-Rate Mortgages - If you plan to live in your home for 15 years or more and you prefer a consistent monthly payment, a fixed-rate mortgage may be your best bet.
- Flexible FirstSM - Combine a first mortgage with a home equity credit line with one application and one closing.
- Construction-To-Permanent Program - Establish a construction loan that easily converts to permanent home financing.
- Foreign National 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.
- Reverse Mortgages - For clients, age 62 and older, who want to access the equity in their homes.
Are you thinking of refinancing your current mortgage?
Read our Home Refinancing Considerations.
Did you know that a smarter home financing strategy may not include a down payment?
If 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 what your payments can be if interest rates increase.
Click here for Important Loan-Cost Disclosures. |
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What options are available to customize my mortgage?
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How can I learn more?
Contact your Merrill Lynch Financial Advisor
If you are hearing-impaired, call (800) 833-5383 (TTY). | |
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