All Forum Posts by: Brian Willie

 Brian,

It can be used as a purchase. Minimum 10% down for primary (with mortgage insurance), 25% for investment.

Chris

This will be dependent on the bank. It's very difficult to find a bank willing to lend in second position. Your best bet is to contact the commercial banker at the bank who holds the first position mortgage on the property. Since they already have first lien, they are more likely to offer a second.

Hi, all. I work for CMG and am the All In One Loan product manager. I can help answer questions and help remedy any issues if any have occurred. The product is a first lien position, 30-year draw, home equity line of credit with a linked zero-balance sweep-checking account (terms vary slightly for homestead properties in Texas). The primary advantage is that it automatically applies deposits into the checking account to loan principal. Money remains available for spending needs 24/7 by using the checking account as you normally would. It comes with ATM/VISA (Debit) cards, checks, online bill-pay, mobile banking, mobile deposits, direct deposit, ACH transferring between accounts, etc. We reimburse up to $15 per month third-party transaction fees for using the ATM cards, if incurred, for pulling cash out of an ATM machine. 

Monthly interest payments are computed on the unpaid principal balance at the close of each day (11:59pm EST). This means that while idle money awaits to be spent during the month, it is actively saving the borrower interest cost that month.Total daily interest from one month isn't due until the 21st of the next - which is drafted from the HELOC automatically. There is no P&I payment. This is what makes it so powerful. Deposited money goes directly to loan principal. Money left in the account that isn't needed to regular bills and expenses, remains in the HELOC and compounds the savings benefits. This would include money normally budgeted for a traditional loan payment + money simply not needed (positive cash-flow).

It's powerful tool for those who are established in their financial behavior and have some spending discipline, because it simply applies regular consumer banking behavior in a beneficial way to shrink the size and cost of mortgage debt faster. 

Let me know if I can help answer any questions. I know I work for the company, but I'm also an All In One Loan customer. It's changed my life for the better, personally, as well as so many of my family members and friend's lives as well. But we're very diligent about education and providing the most suitable programs which make sense for their unique situation. Here to help!

Dave