|
|
|
|
 |
HOME FINANCING |
|
|
Merrill Lynch’s combination financing program, Flexible FirstSM, simultaneously establishes a first mortgage with a home equity line of credit.
Is combination financing right for me?
Flexible FirstSM allows you to reduce your down payment requirement by borrowing more than the customary 80% of the purchase price without having to pay costly mortgage insurance premiums.
Talk to your Merrill Lynch Financial Advisor about additional Flexible FirstSM benefits including:
- Blend your rate for interest savings. Based upon the loan product selected, you may be able to lower your overall effective interest rate by dividing your mortgage balance between a first mortgage and a home equity line of credit.
- Reduce your out-of-pocket expenses. Full closing costs are paid only on the first mortgage. You may even choose to further reduce expenses by choosing the "0" point option on your first mortgage.
- Plan for present and future credit needs. Establishing a potentially tax deductible2 home equity line of credit when you purchase your home allows you to meet personal credit needs such as home improvements, luxury purchases, debt consolidation or education expenses.3
- Increase cash flow. The interest-only payment feature of a home equity line of credit and a first mortgage helps you gain control over your monthly cash flow.4
What are the features of Flexible FirstSM?
- One application and one closing for both the first mortgage and home equity line of credit.
- Financing available for a combined mortgage amount from $75,000 to $3 million.5
- Available for one- to four-unit owner-occupied properties (excluding co-ops).
- Interest-only and amortizing payment options available on the first mortgage.
- No prepayment penalties.
1 Click here for Important Loan-Cost Disclosures. 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.
3Equity Access® account funds may not be used to purchase, carry or trade securities, or to repay debt incurred to purchase, carry or trade securities.
4This is an “interest-only” mortgage that allows 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.
5Loan amounts over $3 million available on a negotiated basis. Please note, minimum home equity credit line is $50,000; maximum is $1,000,000.
|
|
|
What options are available to customize my mortgage?
|
|
How can I learn more?
Contact your Merrill Lynch Financial Advisor
If you are hearing-impaired, call (800) 833-5383 (TTY). | |
|
|