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Call 1.800.854.7154 or contact your Merrill Lynch Financial Advisor
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MERRILL LYNCH HOME LOANS™ |
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Merrill Lynch’s adjustable-rate mortgage, PrimeFirst®, can help you maximize control and flexibility over your cash flow by tailoring your mortgage to your individual financial situation.1
By focusing on the potentially lower average costs over the expected life of the loan, borrowers may find this an attractive alternative to traditional Fixed-rate Mortgages. In addition, talk to your Merrill Lynch Financial Advisor about how the PrimeFirst interest-only payment option2 contributes to liquidity control, flexibility and potential tax deductibility.3
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What you should know
- PrimeFirst is a 25-year adjustable-rate mortgage with rates based on LIBOR (London Interbank Offered Rate). (Read important information.)
- There is an initial interest-only period of 10 years, then fully amortizing for the remaining 15 years. (Read important information.)
- One or six-month adjustment periods are available.
- There are no prepayment penalties.
- If principal payments are made, subsequent interest-only payments will be recalculated monthly based on the new lower principal balance.
- Lifetime rate cap based on the greater of the initial rate plus 5%, or 12%, whichever is greater
- Large loan amounts are available.4
- PrimeFirst is available for all types of one- to four-unit owner-occupied properties and New York co-ops.
- You can complement this mortgage with our 100% financing option.
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1 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.
2 This 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.
3 Please consult your tax advisor regarding the deductibility of mortgage interest.
4 Loan amounts over $3 million may be available on a case-by-case basis to qualified applicants.
Merrill Lynch Credit Corporation is an indirect wholly-owned subsidiary of Bank of America Corporation.
© Copyright 2010 Bank of America Corporation. All rights reserved.
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