An all-in-one loan or mortgage is similar to a home equity line of credit. This kind of loan allows you to apply more money to your mortgage, which will mean that you will pay less in the long run, but will still have access to your money if you need it. This type of loan combines a home equity line of credit with your checking and savings account to turn your house into a savings account. Simply put, by using your checking account, any extra money after paying your monthly bill is applied to your mortgage. This allows you to pay off your mortgage much faster than you would otherwise. However, if an emergency should arise, as they so often do, you can still access the money in the form of a home equity loan on your account.
For borrowers who are good at staying within a budget and want to pay down the mortgage quickly, an all-in-one loan may be a great plan. The team at Simplify Home Loans LLC will be happy to talk with you and help you explore an all-in-one loan. To learn more or to start the process, contact our office today at 888-690-1744. We look forward to hearing from you soon!