The following examples illustrate the important terms of some of the loan products offered by Merrill Lynch Home Loans™. Except as otherwise stated, all examples are based on a $480,000 loan amount for non-conforming (loans above $417,000 ) and a $300,000 loan amount for conforming mortgages (loans below $417,001 ), where a one point origination fee is paid in either case. Rate and payment amounts vary based on the amount of the origination fee.
APR on all Adjustable, Term Adjustable-Rate loans and Equity Lines of Credit may increase or decrease after closing.
For all adjustable-rate mortgages: When deciding whether an adjustable-rate mortgage is right for your situation, you should consider the potential risk of rising rates and payments and such factors as how long you plan to own your home.
Concerning interest-only mortgages: “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.
Interest rates are set each day at 9:30 a.m. EST and generally posted to our Web site at 10:00 a.m. These rates are not guaranteed and are subject to change without notice.