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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.
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!