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The all-in-one mortgage is a loan product that can provide you with a lot of flexibility in how you pay your mortgage. Here are the basics of the all-in-one mortgage.
This is a mortgage product that provides you with an account that combines your mortgage, your checking account and a home equity loan. Every time that you make a deposit into the account, the money goes towards paying off your mortgage balance. Then, when you need to spend some money on something, you can do so out of the account as if it were a home-equity loan.
Benefits and Risks
The major benefit of this type of account is that you are going to be able to reduce the amount of interest that you pay on your loan over the years if you use it correctly. However, this type of product can be very dangerous as well. You could find yourself tempted to spend more money than you can afford in certain cases. If you do not have much self-control, you could potentially max out your home-equity loan, and then you are going to be in trouble financially.
