| PrimeFirst Manageable RateSM Mortgage LIBOR-Based Adjustable-Rate(Interest-Only) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 1-Month Adjustment Period | 4.500% | 4.670% | 30 years | 180 monthly interest-only payments for the first 15 years | $1,800.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,671.97 |
| 3-Month Adjustment Period | 4.875% | 5.122% | 30 years | 180 monthly interest-only payments for the first 15 years | $1,950.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,764.63 |
| 6-Month Adjustment Period | 5.250% | 5.429% | 30 years | 180 monthly interest-only payments for the first 15 years | $2,100.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,858.61 |
| * Interest rate may vary and APR may increase after closing. During the interest-only period, the borrower has the option, but not the obligation, to convert the adjustable interest rate to a fixed interest rate for periods of 1, 2, 3, 4 or 5 years. The conversion option can be exercised more than one time. If the borrower exercises a conversion option, the fixed interest rate will be based on a different index and a different margin. The customer’s right to exercise a conversion option is subject to a variety of conditions, including the customer's payment of a conversion fee. The conversion fee will be $500 if the unpaid principal loan balance that the customer is expected to owe on the conversion date is $500,000 or less. The conversion fee will be $1000 if the unpaid principal loan balance that the customer is expected to owe on the conversion date is more than $500,000. After the conclusion of a conversion period, the interest rate once again becomes adjustable. Breakage Fees are imposed for certain early terminations of a conversion period and certain prepayments. Not all fees associated with this product are tax deductible. In particular, please consult your tax advisor regarding the deductibility of the Conversion and Breakage Fees. There are no maximum cap limits on the breakage fee amounts that may be incurred. Minimum loan limitations in Arkansas, Georgia, Maine, New Jersey, New Mexico, North Carolina and South Carolina. Not available in Massachusetts and Rhode Island. |
| PrimeFirst Manageable RateSM Mortgage -- Fixed Rate Swap Options |
| Borrowers who select the PrimeFirst Manageable RateSM Mortgage have the option to switch to a fixed-rate period during the interest-only term of the mortgage. The following examples demonstrate monthly payments for each available swap option. The examples assume that each swap occurs beginning at month 13. |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 1- Year Fixed-Rate Swap Option | 5.500% | 5.500% | 1 year | 12 monthly interest-only payments during the 1-year fixed-rate swap period | $2,200.00 |
| 2- Year Fixed-Rate Swap Option | 5.750% | 5.750% | 2 years | 24 monthly interest-only payments during the 2-year fixed-rate swap period | $2,300.00 |
| 3- Year Fixed-Rate Swap Option | 6.000% | 6.000% | 3 years | 36 monthly interest-only payments during the 3-year fixed-rate swap period | $2,400.00 |
| 4- Year Fixed-Rate Swap Option | 6.250% | 6.250% | 4 years | 48 monthly interest-only payments during the 4-year fixed-rate swap period | $2,500.00 |
| 5- Year Fixed-Rate Swap Option | 6.375% | 6.375% | 5 years | 60 monthly interest-only payments during the 5-year fixed-rate swap period | $2,550.00 |
| Primefirst® LIBOR-Based Adjustable-Rate(Interest-Only) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 1-Month Adjustment Period | 4.000% | 4.121% | 25 years | 120 monthly interest-only payments for the first 10 years | $1,600.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,550.50 |
| 6-Month Adjustment Period | 4.750% | 4.878% | 25 years | 120 monthly interest-only payments for the first 10 years | $1,900.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,733.59 |
| *Interest rate may vary and APR may increase after closing. |
| Blended-Rate® Adjustable-Rate (Interest-Only*) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 3-Year Blended-Rate (1.25% origination fee) | N/A | N/A | 25 years | 36 monthly interest-only payments for the first 3 years | N/A |
1-Month Adjustment Period
| | | | 264 monthly principal and interest payments for the remaining 22 years based on 1-month LIBOR + 1.75% | $2,801.74 |
| 3-Year Blended-Rate (1.25% origination fee) | 7.938% | 6.058% | 25 years | 36 monthly interest-only payments for the first 3 years | $3,175.20 |
6-Month Adjustment Period
| | | | 264 monthly principal and interest payments for the remaining 22 years based on 6-month LIBOR + 2% | $3,035.33 |
| 5-Year Blended-Rate (1.25% origination fee) | 7.500% | 5.763% | 25 years | 60 monthly interest-only payments for the first 5 years | $3,000.00 |
1-Month Adjustment Period
| | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-month LIBOR + 1.75% | $2,972.33 |
| 5-Year Blended-Rate (1.25% origination fee) | 7.938% | 6.492% | 25 years | 60 monthly interest-only payments for the first 5 years | $3,175.20 |
6-Month Adjustment Period
| | | | 240 monthly principal and interest payments for the remaining 20 years based on 6-month LIBOR + 2% | $3,201.03 |
| 7-Year Blended-Rate (1.25% origination fee) | N/A | N/A | 25 years | 84 monthly interest-only payments for the first 7 years | N/A |
1-Month Adjustment Period
| | | | 216 monthly principal and interest payments for the remaining 18 years based on 1-month LIBOR + 1.75% | $3,183.30 |
| 7-Year Blended-Rate (1.25% origination fee) | 8.188% | 7.005% | 25 years | 84 monthly interest-only payments for the first 7 years | $3,275.20 |
6-Month Adjustment Period
| | | | 216 monthly principal and interest payments for the remaining 18 years based on 6-month LIBOR + 2% | $3,407.05 |
| *Interest rate may vary and APR may increase after closing. |
| Fixed-To-Adjustable-Rate (Interest-Only) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 2-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 8.750% | 5.177% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-month LIBOR + 1.5% | $2,908.71 |
| 3-Year Fixed-To-Adjustable Interest-Only (conforming) | 6.250% | 5.805% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $2,042.54 |
| 3-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 6.086% | 5.653% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 6-month LIBOR + 2.25% | $3,268.06 |
| 5-Year Fixed-to-Adjustable Interest-Only (conforming) | 6.375% | 6.002% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $2,042.54 |
| 5-Year Fixed-to-Adjustable Interest-Only (non-conforming) | 6.362% | 5.983% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $3,268.06 |
| 7-Year Fixed-To-Adjustable Interest-Only (conforming) | 6.625% | 6.284% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $2,042.54 |
| 7-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 6.712% | 6.327% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $3,268.06 |
| 10-Year Fixed-To-Adjustable Interest-Only (conforming) | 6.690% | 6.513% | 30 years | 120 monthly interest-only payments for the first 10 years | $1,672.50 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $2,042.54 |
| 10-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 6.987% | 6.735% | 30 years | 120 monthly interest-only payments for the first 10 years | $2,794.80 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $3,268.06 |
| *The initial interest rate will be in effect during the fixed-rate interest-only period. Thereafter, the rate adjusts monthly, every six months or annually. The interest rate may vary and APR may increase after closing. |
| Fixed-To-Adjustable-Rate (Amortized) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 3-Year Fixed-To-Adjustable Amortized (conforming) | 6.190% | 5.701% | 30 years | 36 monthly fixed principal and interest payments for the first 3 years | $1,835.46 |
| | | | | 324 monthly principal and interest payments for the remaining 27 years based on 1-year LIBOR + 2.25% | $1,690.11 |
| 3-Year Fixed-To-Adjustable Amortized (non-conforming) | 6.086% | 5.659% | 30 years | 36 monthly fixed principal and interest payments for the first 3 years | $2,904.44 |
| | | | | 324 monthly principal and interest payments for the remaining 27 years based on 6-month LIBOR + 2.25% | $2,702.19 |
| 5-Year Fixed-to-Adjustable Amortized (conforming) | 6.250% | 5.839% | 30 years | 60 monthly fixed principal and interest payments for the first 5 years | $1,847.15 |
| | | | | 300 monthly principal and interest payments for the remaining 25 years based on 1-year LIBOR + 2.25% | $1,698.68 |
| 5-Year Fixed-to-Adjustable Amortized (non-conforming) | 6.362% | 5.874% | 30 years | 60 monthly fixed principal and interest payments for the first 5 years | $2,990.50 |
| | | | | 300 monthly principal and interest payments for the remaining 25 years based on 1-year LIBOR + 2.25% | $2,721.49 |
| 7-Year Fixed-To-Adjustable Amortized (conforming) | 6.460% | 6.056% | 30 years | 84 monthly fixed principal and interest payments for the first 7 years | $1,888.32 |
| | | | | 276 monthly principal and interest payments for the remaining 23 years based on 1-year LIBOR + 2.25% | $1,713.15 |
| 7-Year Fixed-To-Adjustable Amortized (non-conforming) | 6.712% | 6.180% | 30 years | 84 monthly fixed principal and interest payments for the first 7 years | $3,101.16 |
| | | | | 276 monthly principal and interest payments for the remaining 23 years based on 1-year LIBOR + 2.25% | $2,752.45 |
| 10-Year Fixed-To-Adjustable Amortized (conforming) | 6.625% | 6.331% | 30 years | 120 monthly fixed principal and interest payments for the first 10 years | $1,920.93 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $1,736.98 |
| 10-Year Fixed-To-Adjustable Amortized (non-conforming) | 6.987% | 6.571% | 30 years | 120 monthly fixed principal and interest payments for the first 10 years | $3,189.26 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $2,803.55 |
| *Note: The initial interest rate will be in effect during the fixed-rate period. Thereafter, the rate adjusts every six months or annually. The interest rate may vary and APR may increase after closing. |
| Fixed-Rate (Interest-Only) |
| Loan Type | Initial Rate | APR | Term | Number of Monthly Payments | Monthly Payment Amount |
| 30-Year Fixed-Rate Interest-Only (non-conforming) | N/A | N/A | 30 years | 120 monthly interest-only payments for the first 10 years | N/A |
| | | | | 240 monthly principal and interest payments for the remaining 20 years | N/A |
| Fixed-Rate (Amortized) |
| Loan Type | Initial Rate | APR | Term | Number of Monthly Payments | Monthly Payment Amount |
| 10-Year Fixed-Rate (conforming) | 5.625% | 5.916% | 10 years | 120 monthly principal and interest payments | $3,274.40 |
| 10-Year Fixed-Rate (non-conforming) | 7.011% | 7.286% | 10 years | 120 monthly principal and interest payments | $5,575.93 |
| 15-Year Fixed-Rate (conforming) | 5.625% | 5.830% | 15 years | 180 monthly principal and interest payments | $2,471.20 |
| 15-Year Fixed-Rate (non-conforming) | 7.122% | 7.319% | 15 years | 180 monthly principal and interest payments | $4,347.18 |
| 20-Year Fixed-Rate (conforming) | 5.750% | 5.913% | 20 years | 240 monthly principal and interest payments | $2,106.25 |
| 20-Year Fixed-Rate (non-conforming) | N/A | N/A | 20 years | 240 monthly principal and interest payments | N/A |
| 25-Year Fixed-Rate (conforming) | 5.970% | 6.093% | 25 years | 300 monthly principal and interest payments | $1,927.41 |
| 25-Year Fixed-Rate (non-conforming) | N/A | N/A | 25 years | 300 monthly principal and interest payments | N/A |
| 30-Year Fixed-Rate (conforming) | 5.970% | 6.093% | 30 years | 360 monthly principal and interest payments | $1,792.87 |
| 30-Year Fixed-Rate (non-conforming) | N/A | N/A | 30 years | 360 monthly principal and interest payments | N/A |
| 40-Year Fixed-Rate (conforming) | 6.750% | 6.861% | 40 years | 480 monthly principal and interest payments | $1,810.07 |
| Conforming Plus* |
| Loan Type | Initial Rate | APR | Term | Number of Monthly Payments | Monthly Payment Amount |
| 30-Year Fixed-Rate | 6.250% | 6.365% | 30 years | 360 monthly principal and interest payments | $2,955.44 |
| *Payment Example is based on a loan amount of $480,000. |
| Low Documentation products are for clients who are self-employed or earn commissions who meet specific loan-related underwriting criteria. Because we permit “reduced documentation” to process your mortgage application, these loans typically have higher interest rates or other costs compared to “full documentation” loans that require you to verify your income or other assets. If you are considering a loan with a reduced documentation feature, ask if you’ll be required to pay more (in interest and/or fees) for not submitting income and asset documentation. |
| (Low Documentation) PrimeFirst Manageable RateSM Mortgage LIBOR-Based Adjustable-Rate (Interest-Only) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 1-Month Adjustment Period | 4.625% | 4.795% | 30 years | 180 monthly interest-only payments for the first 15 years | $1,850.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,702.71 |
| 3-Month Adjustment Period | 5.000% | 5.248% | 30 years | 180 monthly interest-only payments for the first 15 years | $2,000.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,795.81 |
| 6-Month Adjustment Period | 5.375% | 5.555% | 30 years | 180 monthly interest-only payments for the first 15 years | $2,150.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,890.23 |
| * Interest rate may vary and APR may increase after closing. During the interest-only period, the borrower has the option, but not the obligation, to convert the adjustable interest rate to a fixed interest rate for periods of 1, 2, 3, 4 or 5 years. The conversion option can be exercised more than one time. If the borrower exercises a conversion option, the fixed interest rate will be based on a different index and a different margin. The customer’s right to exercise a conversion option is subject to a variety of conditions, including the customer’s payment of a conversion fee. The conversion fee will be $500 if the unpaid principal loan balance that the customer is expected to owe on the conversion date is $500,000 or less. The conversion fee will be $1000 if the unpaid principal loan balance that the customer is expected to owe on the conversion date is more than $500,000. After the conclusion of a conversion period, the interest rate once again becomes adjustable. Breakage Fees are imposed for certain early terminations of a conversion period and certain prepayments. Not all fees associated with this product are tax deductible. In particular, please consult your tax advisor regarding the deductibility of the Conversion and Breakage Fees. There are no maximum cap limits on the breakage fee amounts that may be incurred. Minimum loan limitations in Arkansas, Georgia, Maine, New Jersey, New Mexico, North Carolina and South Carolina. Not available in Massachusetts and Rhode Island. |
| (Low Documentation) Primefirst LIBOR-Based Adjustable-Rate (Interest-Only) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 1-Month Adjustment Period | 4.125% | 4.246% | 25 years | 120 monthly interest-only payments for the first 10 years. | $1,650.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,580.64 |
| 6-Month Adjustment Period | 4.875% | 5.003% | 25 years | 120 monthly interest-only payments for the first 10 years. | $1,950.00 |
| | | | | 180 monthly principal and interest payments for the remaining 15 years. | $3,764.63 |
| *Interest rate may vary and APR may increase after closing. |
| (Low Documentation) Blended-Rate® Adjustable-Rate (Interest-Only*) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 3-Year Blended-Rate (1.25% origination fee) | N/A | N/A | 25 years | 36 monthly interest-only payments for the first 3 years | N/A |
1-Month Adjustment Period
| | | | 264 monthly principal and interest payments for the remaining 22 years based on 1-month LIBOR + 1.75% | $2,801.74 |
| 3-Year Blended-Rate (1.25% origination fee) | 8.063% | 6.183% | 25 years | 36 monthly interest-only payments for the first 3 years | $3,225.20 |
6-Month Adjustment Period
| | | | 264 monthly principal and interest payments for the remaining 22 years based on 6-month LIBOR + 2% | $3,035.33 |
| 5-Year Blended-Rate (1.25% origination fee) | 7.625% | 5.888% | 25 years | 60 monthly interest-only payments for the first 5 years | $3,050.00 |
1-Month Adjustment Period
| | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-month LIBOR + 1.75% | $2,972.33 |
| 5-Year Blended-Rate (1.25% origination fee) | 8.063% | 6.617% | 25 years | 60 monthly interest-only payments for the first 5 years | $3,225.20 |
6-Month Adjustment Period
| | | | 240 monthly principal and interest payments for the remaining 20 years based on 6-month LIBOR + 2% | $3,201.03 |
| 7-Year Blended-Rate (1.25% origination fee) | N/A | N/A | 25 years | 84 monthly interest-only payments for the first 7 years | N/A |
1-Month Adjustment Period
| | | | 216 monthly principal and interest payments for the remaining 18 years based on 1-month LIBOR + 1.75% | $3,183.30 |
| 7-Year Blended-Rate (1.25% origination fee) | 8.313% | 7.130% | 25 years | 84 monthly interest-only payments for the first 7 years | $3,325.20 |
6-Month Adjustment Period
| | | | 216 monthly principal and interest payments for the remaining 18 years based on 6-month LIBOR + 2% | $3,407.05 |
| *Interest rate may vary and APR may increase after closing. |
| (Low Documentation) Fixed-To-Adjustable-Rate (Interest-Only) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 2-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 8.875% | 5.308% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-month LIBOR + 1.625% | $2,940.42 |
| 3-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 6.211% | 5.684% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 6-month LIBOR + 2.25% | $3,268.06 |
| 5-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 6.487% | 6.045% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $3,268.06 |
| 7-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 7.560% | 6.873% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $3,268.06 |
| 10-Year Fixed-To-Adjustable Interest-Only (non-conforming) | 7.750% | 7.053% | 30 years | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $3,268.06 |
| *The initial interest rate will be in effect during the fixed-rate interest-only period. Thereafter, the rate adjusts monthly, every six months or annually. The interest rate may vary and APR may increase after closing. |
| (Low Documentation) Fixed-To-Adjustable-Rate (Amortized) |
| Loan Type | Initial Rate* | APR* | Term | Number of Monthly Payments | Monthly Payment Amount |
| 3-Year Fixed-To-Adjustable Amortized (non-conforming) | 6.211% | 5.691% | 30 years | 36 monthly fixed principal and interest payments for the first 3 years | $2,943.28 |
| | | | | 324 monthly principal and interest payments for the remaining 27 years based on 6-month LIBOR + 2.25% | $2,704.57 |
| 5-Year Fixed-To-Adjustable Amortized (non-conforming) | 6.487% | 5.924% | 30 years | 60 monthly fixed principal and interest payments for the first 5 years | $3,029.82 |
| | | | | 300 monthly principal and interest payments for the remaining 25 years based on 1-year LIBOR + 2.25% | $2,725.45 |
| 7-Year Fixed-To-Adjustable Amortized (non-conforming) | 7.440% | 6.575% | 30 years | 84 monthly fixed principal and interest payments for the first 7 years | $3,336.53 |
| | | | | 276 monthly principal and interest payments for the remaining 23 years based on 1-year LIBOR + 2.25% | $2,783.46 |
| 10-Year Fixed-To-Adjustable Amortized (non-conforming) | 7.625% | 7.022% | 30 years | 120 monthly fixed principal and interest payments for the first 10 years | $3,397.41 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years based on 1-year LIBOR + 2.25% | $2,844.27 |
| *Note: The initial interest rate will be in effect during the fixed-rate period. Thereafter, the rate adjusts every six months or annually. The interest rate may vary and APR may increase after closing. |
| (Low Documentation) Fixed-Rate (Amortized) |
| Loan Type | Initial Rate | APR | Term | Number of Monthly Payments | Monthly Payment Amount |
| 15-Year Fixed-Rate (non-conforming) | 6.330% | 6.522% | 15 years | 180 monthly principal and interest payments | $4,136.59 |
| 30-Year Fixed-Rate (non-conforming) | 6.790% | 6.909% | 30 years | 360 monthly principal and interest payments | $3,126.04 |
|
These examples illustrate the payment terms of home equity loans and lines of credit offered by Merrill Lynch Credit Corporation.
All examples are based on a $50,000 loan amount.
Interest rates are set each day at 9:30 a.m. ET and generally posted to our Web site at 10:00 a.m. These rates are not guaranteed and are subject to change without notice.
For Equity Access® Lines of Credit and Flexible FirstSM programs: No Merrill Lynch closing costs, except mortgage recording tax (as applicable). Applicable charges and mortgage recording taxes 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.
Equity Access funds may not be used to purchase, carry or trade securities or repay debt incurred to purchase, carry or trade securities.
For Equity Access® Lines of Credit and Flexible FirstSM programs: The required payment is interest only. Example assumes the monthly outstanding balance remains at $50,000. Merrill Lynch does not provide advice on tax issues. Please consult your tax advisor regarding the deductibility of mortgage interest.
"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.
The APR is based on the prime rate as published in the "Money Rates" section of The Wall Street Journal, applying MLCC's standard underwriting criteria. Higher APRs will apply to credit lines over $1,000,000 and to less creditworthy borrowers. The APR may increase or decrease, but will never be less than 0.00%. The maximum APR during the life of the loan is 16%, depending on the program selected and the creditworthiness of the applicant (excluding Iowa where the APR will not exceed 21%).
To get a precise rate, please call a Merrill Lynch Loan Consultant at (800) 854-7154 for a brief telephone consultation to determine the actual rate available for your specific situation.
|
| Home Equity and Flexible First SM Adjustable-Rate Lines of Credit |
| Loan Type | Initial Rate | APR | Term | Number of Monthly Payments | Monthly Payment Amount |
| Equity Access ® 30-year Line of Credit (non-conforming) (0 points) | 4.500% | 4.500% | 30 years | 120 monthly interest-only payments for the first 10 years | $187.50 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years | $316.32 |
| Equity Access ® 30-year Line of Credit (non-conforming) (1% origination fee) | 4.000% | 4.000% | 30 years | 120 monthly interest-only payments for the first 10 years | $166.67 |
| | | | | 240 monthly principal and interest payments for the remaining 20 years | $302.99 |
| Fixed Rate Home Equity Loans |
| Loan Type | Initial Rate 1 | APR | Term | Number of Monthly Payments | Monthly Payment Amount |
| Equity Access ® Fixed (non-conforming) | 11.750% | 11.750% | 5 years | 60 Fixed Amortized Payments | $1,105.92 |
| | 11.750% | 11.750% | 10 years | 120 Fixed Amortized Payments | $710.15 |
| | 11.750% | 11.750% | 15 years | 180 Fixed Amortized Payments | $592.07 |
| | 12.000% | 12.000% | 20 years | 240 Fixed Amortized Payments | $550.54 |
| 1 Rates are based on zero points (other point options are not available) and the client paying standard closing costs. APRs may vary. Rates may vary subject to credit score, loan-to-value, collateral guidelines and other factors. Loans are secured by a second lien(subject to certain state restrictions) on residential property (primary residence or second home). |
| This example demonstrates monthly payments during the construction phase of Construction-to-Permanent Financing where the rate is Prime -0.5%. Payments are interest-only based on the drawn balance of the construction line. This example assumes a drawn balance of $480,000. Upon completion of the construction phase, payments will be based on the interest rate and loan amount for the product selected for permanent financ |