Manage your mortgage on terms that you select with Merrill Lynch’s newest innovative home financing solution the PrimeFirst Manageable Rate^SM mortgage.  Now, you can:

PrimeFirst Manageable Rate^SM Mortgage

The PrimeFirst Manageable Rate^SM mortgage is an adjustable-rate mortgage that gives you the option to switch to a fixed-rate multiple times, during the interest-only period, without the hassles and closing costs associated with traditional refinancing.¹ It offers more choice, control and flexibility for you to customize a mortgage to fit your financial goals. Regardless of which direction rates are moving, you can have the mortgage that’s right for you.

Who can benefit from the PrimeFirst Manageable Rate^SM Mortgage:
The PrimeFirst Manageable Rate^SM mortgage gives you the control and flexibility to manage your mortgage like you manage your assets. When rates are low you can take advantage of lower payments typically offered by adjustable-rate mortgages (ARM) and in a rising rate environment you can benefit from the security offered by fixed-rate mortgages. The built in option to covert to a fixed rate helps you avoid the hassles and costs associated with refinancing. This may help you save time and money throughout the life of the loan.

What are the features of the PrimeFirst Manageable Rate^SM Mortgage Features:

• 30-year ARM, with an initial 15-year interest-only period.
• Option to switch from an adjustable-rate to a fixed-rate during the initial interest-only period. Certain fees apply.² (Please note, this feature is optional; you are not required to exercise the option to select a fixed-rate at any time during the life of the loan.)
• You have the option to convert and lock into a fixed-rate for a specific term as many times as you deem appropriate for your needs, as long as it is:
• During the initial 15-year interest-only period (note, the fixed-rate period must expire prior to the end of the interest-only period), AND
• On any regularly scheduled rate/payment adjustment date (for example, if the adjustment period is the one-month LIBOR, you may swap to a Fixed Rate on your monthly scheduled rate adjustment date).
• The option to switch from an adjustable-rate to a fixed-rate requires no credit qualifying, income documentation, or paper-intensive closing. Expenses are considerably lower than traditional financing.
• If you want to switch to a fixed-rate, you may choose from the following fixed-rate periods to fit your needs:
• 1 year, 2 years, 3 years, 4 years and 5 years.
• The fixed-rate margin is subject to market fluctuations until the time you convert - the margin will never be greater than 2.5%.
• No prepayment penalties during any adjustable-rate period.
• Reduce your monthly payments and maximize potential tax deductions by paying interest-only payments during the initial 15-year interest-only period. Please consult your tax advisor regarding the deductibility of mortgage interest.
• If principal payments are made, subsequent interest-only payments will be recalculated monthly based on the new lower principal balance.
• 100% financing option available.
• Large loan amounts available. Loans over $3 million are available on a negotiated basis.

For more information, contact your Financial Advisor or call a Merrill Lynch Loan Consultant at (800)854-7154.

Please note: The PrimeFirst Manageable Rate^SM mortgage is not available in Massachusetts and Rhode Island. It is available with minimum loan limitations in the following states: Arkansas, Georgia, New Jersey, New Mexico, Maine, North Carolina and South Carolina. 
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