I met a wonderful New Yorker, Michael Laitman, at a great networking breakfast run by my good friend and SUPER CONNECTOR, Ron England, at the Penn Club on Wednesday. Ron's Wharton Leads Breakfast is an invitation to powerful connections. I've never thought of blogging about financial services, but Michael is a very genuine person with an interesting product...an affordable interest only mortgage. If you or someone you know needs his help to close on this powerful Merrill Lynch mortgage product, you will be in great hands. He is one of the GOOD GUYS! I was compelled to offer him a spot as a POWER CONNECTOR on my blog. Michael helps people connect the dots to saving money. Have a look at the details!
The mortgage is interest-only for the first 10 years, adjustable monthly, and linked to the one-month LIBOR Index. We have the lowest rate available in the market today.
Today's rates for loans up to $3 million (all rates and terms subject to change):
1.875%, with 1 point.
2.250%, with zero points.
Additional benefit: If a client has $1 million at Merrill Lynch, they may qualify for a 0.25% discount off the spread. For example, the rate with zero points would be only 2% for a client with a $1 million account. So, a $600,000 mortgage at a rate of 2% would only cost $1,000 per month.
No pre-payment penalties and the borrower can pay down principal at any time.
General info: Maximum 55 - 65% financing (based on loan amount and location), no current home renovations, excellent credit, home not held in a trust, home not listed for sale in the past 6 months. Not available in all areas. Merrill Lynch is an equal opportunity housing lender.
Thanks for your help.
Michael D. Laitman, CFM
Merrill Lynch Global Wealth Management
2 World Financial Center, 40th Floor
New York, NY 10281-6100