All Forum Posts by: Kelli Wilson
Kelli Wilson has started 0 posts and replied 20 times.
Post: recommended local lenders in greater Montco, PA?
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
HI Sandra,
I would recommend you take a look at lenders who offer the All in One loan. It is available on investment properties and offers a ton of benefit to a real estate investor such as yourself. Good luck....
Post: A HELOC on a property with no mortgage
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Hi Christina,
A first lien HELOC is an option on investment properties! We are here in Indiana and offer this type of loan. Happy to answer your questions. I'll DM you....
Post: HELOCs on Investment Properties
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Quote from @Shakir Elvin:
Good day, I have a rental property in South Florida and I'm thinking about adding some square footage (additional bedroom and bathroom). My plan is to used some of the equity in that property to do this expansion, I got a rough estimate of the interest rate at 11.25%, is this normal and if not I would love to be connected to a bank/ broker that does HELOCs on investments at a lower rate.
Shak :)
Post: Suggestions regarding all in one loans
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
@Linda Cunliffe the AIO loan is worth a look. Both Northpointe Bank and Merchants Bank originate and service the loan. Educational video on the product can be found here:
All In One Loan - Merchants Bank
Do your homework as it isn't for everyone. Feel free to DM me with any questions.
Post: Has anyone used the “All in one loan” with CMG Financial?
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Quote from @Michael Hites:
My take is, they are basically taking the "disposable funds and applying it to the loan principal. I can do this myself! If I wanted to pay it down with "disposable funds I would! i want to keep my "disposable" funds for other things!!
Hi Michael, the beauty of the AIO is that the disposable funds that pay the principal down are swept over automatically every day and are always available to you. Since it is a line of credit, you can draw those funds out at any time. Glad you researched the loan product...it is a good one.
Post: First lien Heloc ( investment property)
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Actually, you can refinance into a first lien HELOC, the All in One loan (first lien HELOC) would pay off the current mortgage, and you could setup the loan as cash out, with a line of credit above the current loan payoff!
Post: Pay off mortgage with HELOC to save interest
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Quote from @Greg Revel:
@Kelli Wilson, Hi Kelli, Lauren spoke about a DSCR loan below and these are all that came up when I tried to find an "All-in-one loan". The DSCR seems to be basically a hard-money loan, but I've never heard of them until her post. Is there a difference and what are the advantages?
Cash flow - cash flow - cash flow! The All in One loan is an interest only loan; additional cash goes directly to principal and is always accessible since the loan is a line of credit.
Post: Pay off mortgage with HELOC to save interest
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Quote from @Greg Revel:
@JD Martin, true, but paying the HELOC down with large extra payments affords the instantaneous ability of acquiring another property with no new loan required, making me essentially a cash buyer and all within just a few years. With all the numbers run, my house is paid off in 3.5 years and I have instantaneous access to any available equity immediately at any point throughout those 3 1/2 years if anything bad happens. I just don't see a downside
This is possible, I would recommend looking at the All in One loan for this purpose.
Post: Has anyone used the “All in one loan” with CMG Financial?
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Quote from @Chris Watkins:
CMG just took this product in-house, so you can only originate directly through CMG. FYI. Not a brokered product anymore (which is a bummer). But I think I've got a good system with my AIO and my portfolio.
Hi Chris, to clarify.... The All in One can also be originated by Merchants Bank of Indiana directly, as they are the bank providing the sweep checking account and the servicing.
Post: All in One Loan: thoughts? opinions?
- Lender
- Indianapolis IN
- Posts 31
- Votes 7
Quote from @Tom S.:
Coming across this post and reading it just now, I would ask the same question: in early 2022 I got a fixed 15 year mortgage at 3.1%. If I had instead gone with this All in One (AIO) HELOC, my rate would be 8.5 - 9%. Even going through the process of having all my deposits coming in a the beginning of the month and paying bills out of the AIO at the end of the month, wouldn't you be losing lots of money versus a 15 or 30 year fixed mortgage?