Deposits are swept nightly to the HELOC-side of the account and applied to loan principal. This makes higher use of idle money in order to save monthly interest expense on the mortgage, even prior to being spent.
Deposited cash and home equity dollars become one and remain available for use 24/7 over the 30-year term of the HELOC. Money can be accessed through the ATM-VISA cards, by writing checks or paying bills and transferring funds online through the All In One Loan bank portal and your mobile device.
The All In One Loan is a 30-year home equity line of credit with an integrated sweep-checking account. The credit limit is established in underwriting and is based on borrower qualifying characteristics. The limit remains unchanged for the first ten years then steps-down each month by 1/240th for the remaining 20 years until it reaches $0.
It is up to you! There is no amortized payment schedule to hold you back. All In One Loan clients eliminate upwards of 10% of their principal balance annually or more and payoff in half the time or less compared to a traditional mortgage. The key is your banking behavior. If you spend less than you earn each month, chances are you make a great candidate. Use the Interactive Simulator to find out.
Attend one of our weekly webinars for borrowers and mortgage and real estate professionals as well as fiduciaries. Register by clicking on the webinars link.
The maximum loan amount is $2 Million; however, exceptions may be made when loan-to-value levels are low.
The All In One Loan can be utilized to purchase or refinance a primary or secondary vacation home, as well as investment properties.
Cash can be disbursed at closing to help fund near-term financial goals up to 80% of the value of the home to $1 Million, 75% to $1.5 Million and 70% to $2 Million. For investment properties, there is a maximum amount limit. Check with your Loan Officer for details.
Generally, no. However, if cash is needed to fund a near-term financial objective, then yes, up to the cash-out limitations.
Depending on your loan’s characteristics, either Northpointe Bank or Merchants Bank of Indiana will service your account. Check with your Loan Officer for more information.