The All-In-One Mortgage product is changing the way people pay their mortgage. In a traditional mortgage, a borrower usually pays a combination of principal and interest as their monthly mortgage payment. The interest payments are significantly larger than principal payments for nearly the first half of the loan term. With the All-In-One Mortgage, the initial principal payment is larger than the interest payment. This in effect helps you to pay off the loan much faster than a traditional mortgage. But what is most unique about the All-In-One Mortgage is that is it just that, all in one. This product provides you with a line of credit where you can always access the equity of your home to use as you see fit. You can also set up direct deposit, ACH transfers, online bill pay, write checks, and even obtain ATM cards to access the equity you have. It’s truly a combination of accounts you would use to manage your everyday finances, All-In-One!
The concept of the All-In-One Mortgage is not a new one. This type of loan product is extremely popular in other parts of the world such as Australia, New Zealand, and The United Kingdom. Because of its effectiveness in paying off a mortgage faster than a traditional mortgage, the All-In-One Mortgage is beginning to make its way to the United States for the benefit of consumers nationwide.
- Loan Amounts From Zero to Jumbo – Choose the loan that’s right for you with loan amounts up to $2 Million.
- Pay Off Your Mortgage Faster – You can use your entire paycheck to lower your principal balance rapidly and save thousands of dollars in interest while still being able to use these same funds to pay your usual monthly expenses.
- Easy Access to Your Home’s Equity – Use your home’s equity just as if it were a checking account. Deposit money in to reduce your principal balance and save on interest. Take money out for the usual everyday expenses or for the new kitchen or bathroom you’ve always been wanting.
- Purchase and Refinance Loans Welcome – Whether you’re buying a new house or refinancing the mortgage you currently have, the All-In-One Mortgage loan can be utilized for both types of transactions.
The All-In-One Mortgage product requires a minimum 20% down for purchase transactions and a minimum 20% equity for refinance transactions. Qualification for the All-In-One Mortgage product follows basic Fannie Mae guidelines. For further questions or details on how to get pre-approved for the All-In-One Mortgage, speak to one of our licensed Loan Officers today!