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Updated 2 months ago, 10/21/2024
Has anyone used the “All in one loan” with CMG Financial?
I came across this loan product and was wondering if anyone has or is currently using it. It is basically taking your mortgage loan and having a 1st lien on it and it’s essentially a line of credit on your mortgage but your checking account and your mortgage is one. You deposit all your income into your loan/checking account and use expenses as needed and any remaining cash flow, sits in the loan thereby reducing interest cost and helps pay down mortgage faster.
Just reaching out to see if anyone on here has done it and their experience with it as I am currently researching and interested in getting it done if it’s worth it or not.
Thanks
Hi @Isua Mbang,
I came across with this company too because i was looking for a company that can do 1st lien HELOC. And i found CMG.
Did you try the all in one, or found some info in this regard?
@Flavio Espinal
So i just closed on this loan last week actually. I have rentals in Texas and had a very difficult time trying to find a heloc for investment properties. CMG now offers that in Texas and i jumped all over it. I am yet to see any downside so far again with me just closing but if you have any specific questions i don't mind sharing
So how has this loan working for you? We are looking at the same loan program. Is it worth the cost?
Also interested in this loan program....anyone have any insights?
I’ve only considered it for our primary residence. Also interested to hear more about using it for a rental property.
I am a mortgage broker, but I'd highly recommend this product. It's not for everyone, but it has its place and if you're already solid with your financials, it's a good addition to get your mortgage paid off QUICKLY.
- Jared Rine
Hey all,
I found this thread just looking up CMG Financial since they were recommended to me by my realtor as a lender for my first investment property. How was CMG overall? Would you guys recommend them for standard investment loans?
Originally posted by @Isua Mbang:
I came across this loan product and was wondering if anyone has or is currently using it. It is basically taking your mortgage loan and having a 1st lien on it and it’s essentially a line of credit on your mortgage but your checking account and your mortgage is one. You deposit all your income into your loan/checking account and use expenses as needed and any remaining cash flow, sits in the loan thereby reducing interest cost and helps pay down mortgage faster.
Just reaching out to see if anyone on here has done it and their experience with it as I am currently researching and interested in getting it done if it’s worth it or not.
Thanks
I have originate many of these AIO loans for almost a decade so I am familiar with the products, the pros, the cons (nothing is perfect), the qualfications needed, how to utilize them, etc.
I dont use the AIO personally however Implement a similar strategy manually using a commercial line of credit which is similar in that its based on daily interest (Rate/365Xdaily balance = daily interest cost). The only downside of using a commercial line to try and match the AIO loan is that I have to manually move money into my line of credit(LOC) and sometimes ACH payments take 2-3 business days unless I wire it in and even that might be the very next day.
I basically pay down my line with everything beyond my min reserves + savings.
The advantage of the AIO is it automatically sweeps over your balance in your checking account (provided with the AIO loan) and pays down your loan with any idle cash each night at 12AM and calculates daily interest based on that reconciled balance. This makes it more efficient to do the pay check parking strategy or velocity banking (other market buzz words are available as well).
@Tania Neider
@Jon Mason
I’ve had this product since October and I highly recommend it. It is self serving and imo worth it. Not sure if you have specific question(s) but I don’t mind sharing.
@Isua Mbang yes please share. I'm rehabbing my new property (bought it as a primary residence) and will refinance in August 2021 and was looking into the AIO. I'm guessing value will be around $700k when I complete the project. I was planning on refinancing with CMG and pour all the rental income of this property (3 units) into it to pay down the mortgage but also have available cash for purchasing / rehabbing other properties. What is the LTV that they let you use? How are interest rates? And are there any restrictions on what you can use the "equity" LOC?
Thanks!
Originally posted by @Isua Mbang:
@Flavio Espinal
So i just closed on this loan last week actually. I have rentals in Texas and had a very difficult time trying to find a heloc for investment properties. CMG now offers that in Texas and i jumped all over it. I am yet to see any downside so far again with me just closing but if you have any specific questions i don't mind sharing
This sounds very interesting! We have several properties that are "free and clear" and I've been searching for an investment property HELOC. I'm in NC. Do they lend in that area? I will definitely look them up. But need a little more clarity on the "all in one" concept. Thanks.
Denise
Can anyone share lenders that are offering this loan in Michigan. I think it would fit my situation perfectly
I just found the CMG AIO. Can anyone confirm that the bill pay and checking account is easy to use. I'm familiar with BofA bill pay and it works.
I have 6 rental units in Texas and a Townhome in California. Some of the Texas properties have 30 year fixed rates at 4.99. I know. Haha.
It looks like I can consolidate 3 loans with the CMG AIO and the equity I have in my California home, so I will avoid a lot of refinancing fees. I have good enough cash flow to half the payoff time.
If the CMG AIO is working for you, I would like to know. Did you buy "points" to reduce the rate margin?
@Jared Rine are you able to provide more information insight on this loan? Any downsides? What if you have other investment properties?
The guy from CMG should send me all the options for fees and rates in the next 2 days, so I will get back to you.
Does anyone have any updates on this? The concept of the loan is great, I'm just concerned because I see lots of bad reviews about their customer service unfortunately.
Closed on this loan 2 months ago. Switched our primary with mortgage with about 450k left on it at 2.85% for this! IT HAS BEEN NIGHTMARE AFTER NIGHTMARE! HEADACHE AFTER HEADACHE! Since switching over... So far I absolutely regret it! The website is archaic, the app is even worse! There restrictions on everything! And I mean everything! This thing is not a checking account.. Its a mortgage with a debit card. If you need more than a couple hundred dollars and you keep the lions share of your money in here like you are supposed to..GOOD LUCK! Hope you have a relative to borrow from for 7-10 Days! You have to jump through outrageous hoops to get your money in. And even more outrageous hoops to get your money out! I tried to set up bill pay to Bank of America and they wont recognize the cheking account as a real checking. Its basically just a debit card like the ones you get a CVS. Its not a fully functional credit account. You have to send in documents, wait, get permession, get called/emailed back, THEN get permission to do normal things that take 30 seconds on a normal online bank portal such as a same day wire transfer.
Like I flip houses. I needed to wire 35k for a closing... I had to ask permission and fill out and email documents. Then wait to hear back. Then have someone there do it for me! Like deal killing hoops to jump through. Everything you do has to be sent to a "special" All in One Department that your not allowed to talk to at the bank. This thing is Unbelievably cumbersome, archaic, and a downright deterrent to use as they present it to you to use to get the required results...
Anyway, the last thing I'm going through while I'm still trying to get money into my account was getting both bank accounts that transfer in to the all in one frozen and suspended from Northpointe for having the audacity of trying to transfer in 25k from each account. I called livid. I was told the transfers were stopped and accounts were suspended because 1) our joint LLC account doesn't have our name on it... It doesn't have ANY name its a business checking with a business name. 2) Once they suspend one account they lock everything down even her own BofA. I'd remised to tell you both of these accounts we had to verify with 2 small deposits that took days. Then still had to wait another several days before you were "allowed" to verify the amounts that had been placed into my account. This Product is not ready.... Or maybe they dont want you to put 150k in there because they wont make enough money off you. Whatever the reason is.... YOU HAVE BEEN WARNED! Stay away.
@Cj W. Thank you for this feedback. I can always count on this forum. This is exactly what I was worried about.
Originally posted by @Aileen Sanchez:
@Cj W.:
Can you please share who your lender was? Was it CMG? Wondering if the issues you had might be specific to the lender providing the AIO loan?
It was through CMG but Northpointe Back services my specific All in One loan... and Boy ol Boy
I closed on my CMG All In One about 2 months ago and I have a much better review than Cj.
I would give the loan a glowing review right now.
--I had 6 mortgages and I paid off 2 with the All In One.
--I transferred all of my rainy day cash to the loan to get the balance down.
--I'm transferring the debt from my remaining highest interest mortgage, 4.99%, but I can't pay it all off with the remaining credit line, so I will take monthly chucks.
--I closed all my tax and insurance escrow accounts, because the money is better off lowering my daily balance and interest and will pay those just in time.
--I changed my remaining mortgages from biweekly to monthly payments because that lowers overall interest.
My loan is serviced by Northpointe and there was a solid 2 week wait to get access to the account after closing. The letter they sent me said it would take 45 to 60 days to get access, which would have been horrible.
As soon as I got access to the account I had a lot of home work to switch over all my accounts from my last bank. Transfers, direct deposits, auto pay, bill pay, personal checks all works with no issues so far. The app works at depositing checks.
I dont plan on using the debit card much because I use my credit card as much as possible for the points and the delayed payment saves me interest. I have not tried to use the debit card at a ATM for cash withdraws, but I bet there will be fees, so I probably will just us my old ATMs.
I have noticed that their website is a little clunkier than Bank of America. For example, one late night I could not log in -- perhaps system maintenance and it worked in the morning. When I first used money transfer there were some bugs. I tried again and I have been using money transfer all the time.
As recommended I still have my old Bank of America account open with some cash as a backup.
Quote from @Wes Brody:
I closed on my CMG All In One about 2 months ago and I have a much better review than Cj.
I would give the loan a glowing review right now.
--I had 6 mortgages and I paid off 2 with the All In One.
--I transferred all of my rainy day cash to the loan to get the balance down.
--I'm transferring the debt from my remaining highest interest mortgage, 4.99%, but I can't pay it all off with the remaining credit line, so I will take monthly chucks.
--I closed all my tax and insurance escrow accounts, because the money is better off lowering my daily balance and interest and will pay those just in time.
--I changed my remaining mortgages from biweekly to monthly payments because that lowers overall interest.
My loan is serviced by Northpointe and there was a solid 2 week wait to get access to the account after closing. The letter they sent me said it would take 45 to 60 days to get access, which would have been horrible.
As soon as I got access to the account I had a lot of home work to switch over all my accounts from my last bank. Transfers, direct deposits, auto pay, bill pay, personal checks all works with no issues so far. The app works at depositing checks.
I dont plan on using the debit card much because I use my credit card as much as possible for the points and the delayed payment saves me interest. I have not tried to use the debit card at a ATM for cash withdraws, but I bet there will be fees, so I probably will just us my old ATMs.
I have noticed that their website is a little clunkier than Bank of America. For example, one late night I could not log in -- perhaps system maintenance and it worked in the morning. When I first used money transfer there were some bugs. I tried again and I have been using money transfer all the time.
As recommended I still have my old Bank of America account open with some cash as a backup.
Quote from @Asif Ahmed:
Hey all,
I found this thread just looking up CMG Financial since they were recommended to me by my realtor as a lender for my first investment property. How was CMG overall? Would you guys recommend them for standard investment loans?
I was offered this loan but so confused on how it works.
Would love to hear any recent feedback on this All in One loan product. Had a call with them yesterday about it and it sounds like it could be a great product for someone with free cash flow to prepay their mortgage while still having full access to the full equity line. But if it doesn’t work well as a regular bank account (bill pay / same day wires etc) or is difficult to use might not be the right fit for using it as your primary everyday operating account.