All in One loan - Chicago investment condo

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  • Kelli Wilson
    Lender · Indianapolis IN · Member since 2024 · 31 posts · 7 votes
    2y

    This is a great option for investment properties.  Closing costs are comparable to a standard conventional loan.  I have done a number of these in the Midwest, DM me ;)

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    2y

    Hey @Adriana McLaughlin - This is actually the FIRST TIME I have heard of the term "ALL-IN-ONE-FIRST-LIEN", but after doing a little bit of reading on it I am not sure I still completely understand.

    Basically, you apply for a HELOC credit payoff your existing mortgage with this variable HELOC and then in theory have some leftover as well...so the advantage is paying off your loan early and getting access to a line of credit, but the disadvantage would be a variable rate mortgage for the reminder due on your orginal first mortgage? Is that generally the concept here?

    Where at in Chicago is your condo and what are you plannng to do with the HELOC was you have it available?

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  • Adriana McLaughlinPro Member
    OP
    Long Island, NY · Member since 2018 · 14 posts · 11 votes
    2y

    So the power is really in the fact that it is a heloc/checking account combo. I deposit my paychecks there and for all the time the money would usually sit idle until the bills are paid, the heloc interest calculates daily, so it would be lowered by my deposited income. It only works if you make more than you spend. So for instance, if I have 20% leftover every month, that goes directly to principal. 

    It is a variable rate heloc, but with today's mortgage rates which are so high, it might be a wash. It would not work as well, I assume, for my primary home, where my interest rate is 3%.

    There is a calculator at: https://www.allinoneloan.com/#calculator

    The calculator says it should work well for my investment condo - but I would actually love to hear from others who might have taken out this product and paid off their property much faster as a result!

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  • Jack Matthias
    Lender · Chicago · Member since 2023 · 176 posts · 70 votes
    2y

    Hi Adriana!

    I actually work for CMG Home Loans and we are the ones with the All In One Loan. If you are a saver like you said it does work well to pay off the loan quicker! I haven't closed one yet since just switching over in January to CMG but have heard from others it's a great product. Let me know if your looking to move forward with it!

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