All Forum Posts by: Matt Folsom

I've just heard about these loans and I am interested in refinancing a primary and HELOC into an All-In-One type loan. A couple of questions, although several have already been answered on this forum...

Is it worth shopping around for multiple lenders due to perhaps differing terms on these (rates, restrictions, fees, etc) or are they all generally the same? Are there more reputable lenders for this type of loan? I've really only heard of LifeChanger at this point...

What happens when my loan is paid off? I would think I could just start using a normal checking/savings account and no longer touch the credit available in the HELOC (and hence not have to pay interest on monthly expenses). I'm guessing I would not close the loan if I still want access to the equity (which is a big selling point of the loan)...or obviously sell the property and buy something else. Or, are there other options...invest in another property perhaps?

What are the hidden negatives of the loan compared to a conventional loan (aside from the yearly fees)? Is the possibility of freezing the credit line a real issue (hence I need to have another stash of cash available)?

Thanks for your time and responses!

-Matt