All in One loan - Chicago investment condo

[Adriana McLaughlin]

Has anyone tried the All-in-One first-lien HELOC product? I am thinking about it for a Chicago investment condo. Do they still come with high closing costs?

[Adriana McLaughlin]

So the power is really in the fact that it is a heloc/checking account combo. I deposit my paychecks there and for all the time the money would usually sit idle until the bills are paid, the heloc interest calculates daily, so it would be lowered by my deposited income. It only works if you make more than you spend. So for instance, if I have 20% leftover every month, that goes directly to principal. 

It is a variable rate heloc, but with today's mortgage rates which are so high, it might be a wash. It would not work as well, I assume, for my primary home, where my interest rate is 3%.

There is a calculator at: https://www.allinoneloan.com/#calculator

The calculator says it should work well for my investment condo - but I would actually love to hear from others who might have taken out this product and paid off their property much faster as a result!