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Things to keep in mind during home buying season

The summer months are the most common time to make a home purchase. This season, many investors will upgrade their homes to accommodate growing families or downsize as part of retirement plans. Others may buy their dream vacation home. And some may even find themselves helping children or loved ones through the process of buying homes of their own.

If you find yourself in the market to buy a home this season, you have a lot to consider—both personally and financially—before making such a significant purchase.

Evaluate your home purchase options

When buying a home or helping a family member with a home purchase, it is important to remember that you have options. You can:


Use the cash you have on hand, or from the sale of another home, to pay for a home in full or provide a family member or loved one cash for a down payment


Borrow the funds you need with a mortgage, to help preserve your investment strategy and stay on track towards your larger goals


Sell investments to generate the cash you need and use the proceeds to fund the purchase price and cover any taxes associated with the sale of investments

 

Align financing with your larger strategy

If you are considering purchasing a home, you should take time to choose the funding option that aligns with your larger financial picture, including your cash flow and other debts you have. As a Merrill Lynch client, you have access to a wide range of home financing solutions from Bank of America, including fixed-rate and adjustable-rate mortgages, flexible payment options and competitive rates. Some of the mortgage options also offer the ability to use pledged securities to reduce down payments or even help a family member finance a home purchase.

In addition to a range of mortgage solutions, you can work with your financial advisor to tap into specialized support and solutions that will help fund a home purchase while pursuing your larger goals. Accessing Bank of America mortgage solutions through your Merrill Lynch financial advisor also offers you:

  • Preferential pricing and discounts, along with flexible terms, based on your entire relationship with Bank of America and Merrill Lynch
  • Access to additional knowledge from a Wealth Management Lending Officer who can help guide you through the home financing process, from start to finish
  • Advice to help align your short-term financing needs with your long-term goals, guiding you to home financing solutions that will keep your larger financial strategy on track

 

To learn more, view the Home Financing Solutions e-Brochure or visit the Home Financing Solutions page on ML.com.

3 Questions to Ask Your Advisor

  1. What options do I have to fund the purchase of a new primary or second home?
  2. What are the pros and cons of borrowing the money I need instead of liquidating investments?
  3. How can a mortgage help me realize my home buying goal and still fit into my larger financial strategy?

Connect with an advisor and start a conversation about your goals.

Give us a call at

1.866.706.8321

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You are invited to apply. Your receipt of this material does not mean you have been pre-qualified or pre-approved for any product or service offered by Bank of America. This is not a commitment to lend; you must submit additional information for review and approval. If you are refinancing to lower your monthly payment or change from a variable-rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest charges paid over the full term of the new refinance loan – especially for borrowers who currently have loan terms less than 30 years.

Banking, mortgage and home equity products offered by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.   Equal Housing Lender. ©2018 Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

 

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