![]() Merrill Lynch, Pierce, Fenner & Smith Incorporated, does not make commitments for or fund loans. Please obtain advice from your third-party legal, tax, insurance and accounting advisors before changing or implementing any financial, tax or estate planning strategy and to determine what custom residential real estate solution might be right for you. Custom residential real estate financing may involve special risks and is not suitable for everyone. ![]() Other restrictions apply, ask for details. Minimum borrower liquidity of $3,000,000 or $5,000,000 net worth (including primary residence), and $1,000,000 post-closing liquidity. PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 - 12 months are required, depending on loan amount.Ĥ Borrower-paid attorney fees apply. For qualified borrowers with excellent credit. Those employed in research or as professors are not eligible. Eligible medical professionals include: (1) medical doctors who are actively practicing, (MD, DDS, DMD, OD, DPM, DO), (2) medical fellows and residents who are currently employed, in residency/fellowship, or (3) for salaried employees only: medical students and medical doctors who are about to begin their new employment/residency or fellowship within 90 days of closing. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement. Loans with an interest-only payment option may require a lower loan-to-value ratio, other restrictions apply, ask for details.ģ An applicant must have, or open prior to closing, a checking or savings account with Bank of America. Ask about your payments aſter the end of the interest-only period and carefully consider the possibility of “payment shock.” If you are considering an adjustable-rate mortgage, ask about your payments if interest rates increase. If you pay only interest, you will still owe the original amount borrowed at the end of the 10-year period, and your monthly payment will significantly increase -even if interest rates stay the same -because you must pay back the principal as well as interest. Trading within the brokerage account for the 100% financing programs is subject to restrictions.Ģ Some loans offered by Bank of America have a payment option that allows you to pay only the interest on the money you borrow for the first 10 years of the loan. Mortgage interest may not be deductible if tax-exempt obligations are pledged as additional collateral, consult your tax advisor. Liquidation may result in adverse tax consequences. You are not entitled to an extension of time to meet a collateral call or choose which securities in your account are sold to meet the collateral call. Merrill may liquidate some or all of the securities in the account without contacting you. Should the value of the securities pledged as collateral decrease below a certain level (as specified within the loan documents), the deposit of additional assets and/or liquidation of assets may be required. These programs may not be suitable for everyone, and a default on your mortgage could result in the loss of both your home and the securities pledged. 1 Mortgage 100®and Parent Power® programs require the pledge of eligible diverse securities owned by an individual and maintained in a Merrill Lynch, Pierce, Fenner & Smith Incorporated (Member, Securities Investor Protection Corporation ) brokerage account.
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