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Mortgages

 

The right mortgage can be a cornerstone of successfully building and managing your wealth. We can help you find the right mortgage that is appropriate for your situation to pursue your homeownership goals or a home equity line of credit to help pay for home improvements, college tuition and other important purchases. View this e-brochure to learn more about Bank of America® home financing solutions.

  • Fixed and Adjustable-Rate Mortgages

    With a fixed rate, principal and interest payments remain the same. An adjustable-rate mortgage has an interest rate that may change with the financial index associated with the loan.

  • Mortgage 100®Program1

    A financing program that combines with an eligible mortgage, allowing you to pledge eligible securities instead of liquidating assets.

  • Parent Power®Program1

    Help an eligible family member by pledging your assets for the financing of up to 100% of a primary residence.

  • Interest-Only Adjustable-Rate Mortgage2

    Option to pay interest for a period of time. With a variable rate, monthly payments may change depending the financial index associated with the loan. 

  • Bank of America® Doctor Loan3

    Ideal for eligible medical professionals (or those who have accepted a new position or residency), but still have student loan debt.

  • Custom Residential Real Estate Solutions4

    Personalized financing based on your liquidity, cash flow and assets —while also factoring in your tax-efficiency goals.

  • Home Equity Line of Credit5

    A flexible, low-rate way to access funds from a portion of your available home equity to help pay for the things that are most important to you.2

  • Preferred Rewards for Wealth Management6

    Enroll to get a $600 reduction in the Origination Fee and discounts on a new purchase or refinance mortgage.7, 8

Talk to your advisor about integrating these products
and solutions into your financial strategy.
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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 [SIPC]) brokerage account. 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. 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. Merrill may liquidate some or all of the securities in the account without contacting you. 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. Liquidation may result in adverse tax consequences. Mortgage interest may not be deductible if tax-exempt obligations are pledged as additional collateral, consult your tax advisor. Trading within the brokerage account for the 100% financing programs is subject to restrictions.

 

2 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. 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. 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. Loans with an interest-only payment option may require a lower loan-to-value ratio, other restrictions apply, ask for details.

 

3 An applicant must have, or open prior to closing, a checking or savings account with Bank of America. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement. 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. Those employed in research or as professors are not eligible. For qualified borrowers with excellent credit. PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 - 6 month are required, depending on loan amount.

 

Borrower-paid attorney fees apply. Minimum borrower liquidity of $3,000,000 or $5,000,000 net worth (including primary residence), and $1,000,000 post-closing liquidity. Other restrictions apply, ask for details. Custom residential real estate financing may involve special risks and is not suitable for everyone. 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. Merrill Lynch, Pierce, Fenner & Smith Incorporated, does not make commitments for or fund loans. Bank of America, N.A., (the “Bank”) does not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking or custody services or referrals to other affiliates of the Bank. Merrill Lynch, Pierce, Fenner & Smith Inc., does not make commitments for or fund loans. Bank of America, N.A., (the “Bank”) does not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking or custody services or referrals to other affiliates of the Bank.

 

The relative benefits of a loan for debt consolidation depend on your individual circumstances. For example, you may realize interest payment savings by making monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what was previously paid towards the higher rate debt(s) being consolidated.

 

As of November 12, 2021, or such later date as we may provide you notice of, the Preferred Rewards for Wealth Management program will be discontinued. If you are enrolled in the program on that day, your enrollment will be automatically transferred to the new Bank of America Preferred Rewards program. The new program will be expanded by adding two new tiers for clients with a qualifying balance of $1,000,000 or more. If your three month combined average daily balance is below $1,000,000 on the third business day of the month in which Preferred Rewards for Wealth Management discontinues, you will transition to the Preferred Rewards Platinum Honors tier. You are eligible to enroll in the Preferred Rewards for Wealth Management program if you have an active, eligible Bank of America® personal checking or Bank ofAmerica Advantage Banking account and maintain a three-month average combined balance in your qualifying Bank of America deposit accounts and/or yourqualifying Merrill® investment accounts of at least $250,000. All Bank of America Private Bank clients are eligible for the Preferred Rewards for Wealth Management program. Visit bankofamerica.com/preferred-rewards for additional program details. Preferred Rewards for Wealth Management clients, other than Bank of AmericaPrivate Bank clients, do not receive Merrill Guided Investing discounts as part of this program.

 

The $600 origination fee reduction plus additional discounts based on relationship eligibility and mortgage product type (mortgage benefit) are available to clients who are enrolled or are eligible to enroll in Preferred Rewards for Wealth Management at the time of application for a new purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). Merrill clients with a 3-month average combined balance of at least $250,000 and an active, eligible Bank of America personal checking account are eligible for the Preferred Rewards for Wealth Management program. Eligibility will be available three or more business days aſter the end of the calendar month in which you satisfy the requirements. This origination fee reduction will not exceed the amount of the Lender Origination Fee. Some discounts cannot be combined. Any mortgage discount point reduction benefit is subject to a total discount point cap by product type.

 

Preferred Rewards for Wealth Management clients receive a reduction in the mortgage discount points of 0.25, or 0.50 for non-conforming loans, that can be used to lower the interest rate (depending on market conditions) or offset a portion of their mortgage closing costs. Not eligible with PrimeFirst® loans. Discount point reduction benefits are subject to total discount point caps based upon product type. One point is one percent of the mortgage amount (e.g., $10,000 on a $1,000,000 loan).

 

Banking, mortgage, and home equity products are provided by Bank of America N.A and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Equal Housing Lender. 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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