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All-In-One Loans: How They Work and What You Need to Know

All-In-One Loans: How They Work and What You Need to Know

February 20, 2023 by X2 Mortgage

If your goal is to pay off your home loan fast, a simple, flexible financing product that may help is an all-in-one mortgage.

An all-in-one mortgage lets you manage your mortgage and general finances through a single product/account.

Not a lot of homebuyers are even aware that all-in-one loans exist. Let’s go over exactly what they are and how they work.

What is an All-in-One Mortgage?

The easiest way to think of an all-in-one mortgage is as a bank account and a mortgage combined. It also offers the same basic functionality you would get from a home equity line of credit (HELOC).

This type of mortgage includes a specialized account. You can deposit and withdraw from that account.

  • When you make a deposit into the account, your mortgage balance will decrease automatically.
  • When you make a withdrawal from the account, your mortgage balance will increase.

Note that even though you can take money out of the account, there are restrictions on how much you can withdraw.

Additionally, you must continue to make timely, full mortgage payments.

What are the Benefits of an All-in-One Mortgage in AZ?

  • Convenience. Being able to manage your finances all in one centralized location can be very helpful. At any given moment, it is easy to get a snapshot of your financial situation.
  • Pay off your mortgage fast. You can set up direct deposit into your all-in-one mortgage account. Every time you receive a deposit, your mortgage balance goes down, reducing your interest. You can see how this may be the most efficient way to minimize what you owe.
  • Keep finances liquid. If an emergency bill comes up, you can just take money out of the account to pay it off. You do not need to worry about jumping through hoops and taking time to apply for other financing. Being able to make payments fast may sometimes spare you interest on other debts.

Is an All-in-One Mortgage Right for You?

An all-in-one mortgage is suitable if you believe that you can pay off your home loan rapidly by putting money continuously into the account.

In a way, you can see this type of account as a sort of “hedge” against uncertainty. Say you had a traditional mortgage and a regular bank account. You might want to put most of your deposits toward your mortgage each month, but hesitate. You worry that if a sudden expense came up, you would not be able to cover it. So, the money ends up sitting in your bank account instead of reducing your mortgage principal and interest.

An all-in-one mortgage solves that problem. You get to rapidly pay off your home loan, but keep some of the money liquid in case of emergencies. For many borrowers, this is the best of all worlds.

Apply for an All-in-One Mortgage in Chandler or Beyond

Do you have more questions about how an all-in-one mortgage works, or are you ready to apply? You can get the fast answers you need or move quickly through the application process when you contact X2 Mortgage. Please call us today at (480) 992-4200 to schedule your consultation. We serve customers in Chandler and throughout Arizona.

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