With an all-in-one loan, borrowers have the ability to deposit their income directly into the checking account portion of the loan. The balance in the checking account is then used to offset the outstanding balance of the mortgage loan. This unique feature allows borrowers to reduce their mortgage interest costs over time by applying their income to the outstanding balance on a daily basis.
The eligibility criteria for an all-in-one loan are a little stricter than a traditional loan, as the borrower needs to be very disciplined. All-in-one loans are available for primary residences, second homes, and investment properties. The type and condition of the property will be considered during the loan eligibility assessment.