For many first-time homebuyers or those with less-than-perfect credit, navigating the world of mortgage options…
AIO – Loan Structure
Loan Structure
At its core, the “All In One – Principal First Loan” is a home equity line of credit. And because it functions as a checking account, it comes with all the banking features you need. It comes with ATM cards, checks, online bill pay, and direct deposit, as well as fraud security all provided by one of 719 Lendings “All In One – Principal First Loan” banking partners.
Another benefit of the loan is when you use it as a checking account, your deposits go towards the principal first, which reduces your overall interest payment for that month, once again, saving money. So it’s a great way to utilize it. You can pay your expenses using a bank card that you’re given from the provider of the loan. And it’s a really great flexible product.
Deposits are FDIC insured to the federal limits. And home equity is of course insured by a proper homeowners policy. It takes the first lien position, replacing all other mortgages, and is available for both purchases and refinances up to 80% loan to value. One of the more extraordinary features the “All In One – Principal First Loan” provides is that you can use your home’s equity dollars for the full 30 years without requiring them to refinance. The approved credit amount remains level for the first 10 years, and then gradually reduces evenly each month for the remaining 20. There is no pre-payment penalty, no recast period, and no balloon payment. You have the ability to use it freely as a checking account to help reduce your loan principal more rapidly.
The other thing that surprised me was how easy it was to get the loan. It has all these other benefits, but the underwriting was the same, same 30-day process. I was in contract to buy a house, closed right on time, no issues. People might think that a loan like this is going to be more difficult to get because it sounds a little exotic. It has these features that aren’t on every other loan. But for me, I was surprised at how quickly it went through underwriting and it was the same as any other loan I’ve ever used.
There is a better option. The “All In One – Principal First Loan” is a better option for consumers that are simply looking to eliminate a large portion of the interest cost. As you can see, the “All In One – Principal First Loan”, or AIO could be the best loan option available in Colorado Springs. Give us a call today to let us know how we can help at 844-719-5363
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