#interest only loans
Interest-Only Financing Solutions from Merrill Lynch Home Loans TM
Interest-only financing is a home financing payment option that offers you the flexibility to control your cash flow by reducing your initial monthly mortgage payments. 1
1 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 about what your payments can be if interest rates increase.
2 Neither Merrill Lynch nor its Financial Advisors provide tax advice. Please consult your tax advisor regarding the deductibility of mortgage interest.
3 The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments. You will realize interest payment savings when you make monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated.
4 Loan amounts over $3 million may be available on a case-by-case basis to qualified applicants.