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Bank of America and
Merrill Lynch are joining forces. |
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HOME FINANCING |
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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 plan for present and future credit needs. It establishes a potentially tax deductible1 home equity line of credit when you purchase your home, which allows you to meet personal credit needs such as home improvements, luxury purchases, debt consolidation or education expenses.2
Talk to your Merrill Lynch Financial Advisor about additional Flexible FirstSM benefits including:
- Increase cash flow. The interest-only payment feature of a home equity line of credit and a first mortgage allows you to potentially achieve even greater payment savings.3
- 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 non-conforming mortgage balance between a conforming first mortgage product and an adjustable-rate home equity line of credit.4
- 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.
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 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.
1Merrill 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.
2Equity Access® account funds may not be used to purchase, carry or trade securities, or to repay debt incurred to purchase, carry or trade securities.
3This 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.
4A conforming mortgage complies with specific Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) underwriting guidelines. These mortgages are usually for single-family homes up to $417,000 and are eligible to be sold to FNMA (HI & AK: $625,500). A non-conforming mortgage does not necessarily comply with FNMA/FHLMC, but does comply with ML Credit Corporation underwriting guidelines. These mortgages are usually greater than $417,000 and can be sold to investors other than FNMA.
5Combined loan amounts over $3 million available on a negotiated basis. Please note, minimum home equity credit line is $50,000; maximum is $1,000,000.
Click here for Important Loan-Cost Disclosures.
MLCC reserves the right to reduce or suspend your Equity Access credit limit in the future for reasons set forth in your loan agreement, including but not limited to a significant decline in the value of your property or a material change in your financial circumstances.
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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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