Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
| An all-in-one mortgage provides an opportunity for homebuyers to access the equity they’ve built in their property through a bank account. This relatively unique mortgage option could be the right fit for your finances if you’re looking for a mix between a traditional mortgage and a home equity loan. If you aren’t sure, then consider working with a financial advisor to get help in determining the right choice for your situation.
All-in-one mortgages are not especially common. But the product combines a few elements from your everyday financial life. Essentially, this mortgage product acts like a cross between a traditional mortgage and a home equity loan. But it functions similarly to a bank account. If you set up a regular deposit to your all-in-one mortgage account, the deposits will lower your mortgage balance. And with that reduced balance, you’ll save money on interest payments. If you are regularly pulling funds out of this all-in-one mortgage account, the principal balance will rise when you take out funds and the amount you can withdraw varies. But at the very least, you’ll want to keep up with your regular mortgage payment. It’s a great option for borrowers who want to eliminate their mortgage as quickly as possible. However, it keeps some liquidity available for borrowers who may want to tap into their equity along the way. Borrowers with an all-in-one mortgage typically have the goal of paying down their mortgage balance as quickly as possible. As the borrower makes extra payments, these funds will pay down the mortgage principal. As your equity in the home builds, you’ll still have access to that cash you’ve stashed in your all-in-one mortgage. If an unexpected expense pops up, you can pull out the funds you need directly from this account to pay for it. The withdrawal style varies based on the lender. But a few options include writing a check, transferring funds from this account to your regular checking account, or using a debit card. Once the all-in-one mortgage has been set up it is designed for easy access to the funds just as a HELOC is designed for. |
| An all-in-one mortgage provides an opportunity for homebuyers to access the equity they’ve built in their property through a bank account. This relatively unique mortgage option could be the right fit for your finances if you’re looking for a mix between a traditional mortgage and a home equity loan. If you aren’t sure, then consider working with a financial advisor to get help in determining the right choice for your situation.
All-in-one mortgages are not especially common. But the product combines a few elements from your everyday financial life. Essentially, this mortgage product acts like a cross between a traditional mortgage and a home equity loan. But it functions similarly to a bank account. If you set up a regular deposit to your all-in-one mortgage account, the deposits will lower your mortgage balance. And with that reduced balance, you’ll save money on interest payments. If you are regularly pulling funds out of this all-in-one mortgage account, the principal balance will rise when you take out funds and the amount you can withdraw varies. But at the very least, you’ll want to keep up with your regular mortgage payment. It’s a great option for borrowers who want to eliminate their mortgage as quickly as possible. However, it keeps some liquidity available for borrowers who may want to tap into their equity along the way. Borrowers with an all-in-one mortgage typically have the goal of paying down their mortgage balance as quickly as possible. As the borrower makes extra payments, these funds will pay down the mortgage principal. As your equity in the home builds, you’ll still have access to that cash you’ve stashed in your all-in-one mortgage. If an unexpected expense pops up, you can pull out the funds you need directly from this account to pay for it. The withdrawal style varies based on the lender. But a few options include writing a check, transferring funds from this account to your regular checking account, or using a debit card. Once the all-in-one mortgage has been set up it is designed for easy access to the funds just as a HELOC is designed for. |
Reach out to me for further detailed information on All-in-One Mortgage loan programs.