Has anyone used the “All in one loan” with CMG Financial?

[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

[Jacqueline Wright]

The "All-in-One Loan" product, offered by CMG Financial and similar lenders, is a type of "home equity line of credit" (HELOC) combined with your primary mortgage. The basic concept behind it is that it functions as both a mortgage and a line of credit, where your income is deposited into the loan account, reducing the loan balance and thus the interest cost. This could theoretically allow you to pay off your mortgage faster and lower the overall interest expense.

[Michael Hites]

Quote from @Account Closed:

Hi everyone, seems like the All-In-One is a well discussed loan product and for good reason! For the right borrower it can have amazing results, here is an example of a simulator and loan scenario we recently closed for a borrower.  Now not every result will be the same, but if you are interest in a personalized scenario from a CMG lender reach out...

 Doesn't explain anything! This is what the person basically said to me when they tried to explain it! No substance!!! Walked away dumber than i was before the explanation! If you are from CMG, DO BETTER!

[Albert Bui]

Quote from @Michael Hites:

Quote from @Account Closed:

Hi everyone, seems like the All-In-One is a well discussed loan product and for good reason! For the right borrower it can have amazing results, here is an example of a simulator and loan scenario we recently closed for a borrower.  Now not every result will be the same, but if you are interest in a personalized scenario from a CMG lender reach out...

 Doesn't explain anything! This is what the person basically said to me when they tried to explain it! No substance!!! Walked away dumber than i was before the explanation! If you are from CMG, DO BETTER!

 It just shows total principal paid in 9.8 years and total interest paid during the assumption. The problem is there is no income assumption you're making each month and how much of your money you're saving towards paying down your loan (inside your offset account with AIO CMG loan) since the disposable funds after your living expenses are transferred over to reduce principal balance each night at 12:00AM. The more disposable funds you have each day/week/month you have a quicker balance payoff and less total interest will be paid.

This is the concept atleast but yes the above should have the built in assumptions and if they didnt give it to you then it might be a bit misleading.

[Michael Hites]

My take is, they are basically taking the "disposable funds and applying it to the loan principal. I can do this myself! If I wanted to pay it down with "disposable funds I would! i want to keep my "disposable" funds for other things!!