HOW & WHY the ALL IN ONE Loan Works
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- Опубликовано: 17 окт 2024
- Is the All In One Loan from CMG right for you?
25-year Mortgage Coach Mike Castronovo helps you understand if this product is right for you and your family.
Go to: www.MusicCityMortgageCoach.com
Michael (Mike) Castronovo - Senior Loan Officer - NMLS ID# 19831
CMG Financial - NMLS ID# 1820
CMG Home Loans - Branch NMLS ID# 1093019
810 Crescent Centre Drive Suite 320, Franklin, TN 37067
(615) 914-1799
Equal Housing Lender
CMG Financial™ is a registered trade name of CMG Mortgage, Inc., NMLS# 1820 in most, but not all states. CMG Mortgage, Inc. is an equal housing lender. Tennessee Mortgage License # 109401. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and www.nmlsconsumeraccess.org.
Great explanation of the greatest wealth creation tool in America today!
Thank you!
Who is a good candidate and not a good candidate for this product?
@jeffwagner4567 Anyone who either wants to save money and/or lower their interest expense. If a traditional mortgage is a butter-knife, then the All In One is a Swiss Army Knife. If your goal is to pay off your home and be debt free ASAP, or if you objective is to maximize the use of your equity for investment purposes and lowering your interest expense while doing so. It's really up to you and your goals. In terms of qualifying, you should have good credit (700+ FICO), and positive cash flow on an annual basis (your net deposits are at least 10% more than you spend). I'm always happy to have a quick call and take a look at your numbers. About 60% to 70% of the people I talk to are a good fit. The rest, I provide guidance on steps they can take in order to qualify down the road.
To put it more bluntly; If you're living paycheck-to-paycheck, this probably isn't for you today. But I believe that anyone who truly wants to can improve their financial wellbeing, and I do what I can to help.
Is this product available in Texas?
Yes, it is available in Texas. There are some caveats to Texas due to your laws. Essentially, once your mortgage is paid off, you can redraw funds without needing to requalify (or pay closing costs) for up to 30 years in all U.S. States except Texas where you can only access those funds for the first 25 years. After that, any outstanding balance would have to be paid back over the remaining 5 years of the loan.
Helpful video however at 9:41 you say “traditional compounding mortgage”. Are not traditional mortgages simple interest, not compounding?
According to Investopedia traditional mortgages are compounding: www.investopedia.com/terms/m/mortgageinterest.asp#:~:text=Key%20Takeaways-,Mortgage%20interest%20is%20the%20interest%20charged%20on%20a%20loan%20used,or%20variable%20and%20is%20compounding
I actually agree with you that they are presented as simple interest in that you are not adding interest on top of interest. The bigger difference that I will explain in future videos is that a Traditional Mortgage has a "predetermined" payment based on an amortization schedule where you're paying mostly interest for the first 10 to 20 years (depending on your rate). Compared to the All In One, where your deposits are applied to principal first, and your interest is truly simple, calculated on the outstanding nightly balance at the end of the month, and that amount is added to your balance on the 21st of the following month. Also, on a Traditional Mortgage, if you were to make an additional payment toward principal, it doesn't reflect until the start of the following month.
Can you tell me WHO this loan is NOT for? It all sounds great and I am looking to purchase a home right now. But there must be a negative about this. What will make this type of home loan NOT for someone?
First, it is NOT for someone who is spends most of what they make. It is NOT for someone with poor credit. It is NOT for someone who feels that once they payoff their mortgage that they would be tempted to go out and withdraw all their money, technically restarting their mortgage all over again (Remember, it's not a traditional mortgage that you payoff and it's closed. It is your Mortgage & Checking/Savings combined. You are putting money in (which eliminates your debt and dramatically reduces your cost of interest) but you have the freedom to access that money and withdraw it for up to 30 years (the full amount for 10 years, and then we gradually reduce the line availability by 1/240th every month for the next 20 years (240 months), so that no matter what, even if you were undisciplined, you would never end up with a balloon payment.
My mortgage loan would get refinanced with this All in One Loan or it is a second mortgage like a HELOC?
Think of the All In One Loan (AIO) as a First Lien HELOC (only it's a LOT better than a traditional HELOC). So your current loan would get paid off with your new AIO loan.
Does this product sweep the dollars out of the checking account each night to lower the principal and interest? Or does the cash in the checking account just reduce the interest on the principal amount?
It sweeps your otherwise "idle dollars" over against PRINCIPAL every night. Example: if you had a $100K mortgage balance, and you deposit $5K on July 1st, and pay all your bills using the full $5000 on July 20th, you are only being charged interest on $95K for the first 20 days, rather than the entire $100K like you would on a traditional loan.
@@musiccitymortgagecoach in your example, the 5K doesn’t move to reduce the principal, then as bills are paid the principal goes up. Therefore keeping a zero balance in the checking account.
If the all in one loan is essentially a HELOC then what makes getting an all in one loan from CMG Financial different than getting a HELOC from my local credit union. I would be using it to pay off my mortgage and other outstanding loans and investing the rest while sweeping my whole paycheck into the HELOC or all in one loan to pay it down faster. Also, I am a tardus member and tardus is how I have heard of this.
Who will this not work for? Do you have a video on that? Will this work for close to retirement people? Thank you.
It will not work for those who live paycheck to paycheck. It is IDEAL for those close to retirement. In fact I just saw numbers that our average Borrower on this product is 50 years old. I have plenty of younger Borrowers taking this, but it just shows that their are a lot of those closer to retirement who realize they are not planning on moving, but don't want to still have a mortgage payment at 70, 80, or beyond.
Never mind. Just noticed you didn't answer any of the other questions asked.
Sorry Anthony. I was missing the notifications of the comments.
I'm in Ft. Lauderdale, FL. Annual income is $280,000. I have $250,000 cash in the bank for a down payment. My monthly expenses are are $6500.00 NOT INCLUDING my rent payment of $4,000.00. End of the month after rent and expenses I have $6,300 remaining. Can you tell me if the AIO is right for me?
Yes. I believe that may have been you that sent me an email earlier today that I replied to. If not, please send me a text at 847-612-5626 with your handle here: @2ndAmendProtector and I will run numbers for you. Happy to call you on Saturday to run your numbers and answer any additional questions as well.
Did you say the All In One is offered "exclusively" by CMG?
Yes, it is.
Is CMG somehow affiliated with Ridge Lending Group?
@@anthonyj.4756 It looks like Ridge Lending Group is an independent broker selling CMG's All In One Loan product through our Wholesale Channel.
Do you have to keep ALL your money in the specified bank?
No, you do not. However, unless you're earning above market rates elsewhere, it makes sense to keep as much possible in your account as long as possible
will this save if I am already in my last 10 years for my 30 year loan?
Potentially. You're still paying Principal First with the All In One. We'd have to plug your numbers in to see how it works for you based on your monthly income and expenses. As long as you keep your payment the same on the same outstanding balance, that is the first step. However, there's a second question you should ask... You now have all this equity built up in your home. What are your options if you wanted or needed to access part of that equity in the next 5, 10, 15, 20+ years?
I've been around long enough to see plenty of people retire after paying off their home, then having a need to access their equity, but no longer having the income to qualify. Generally those calls are get are from folks looking for alternatives to having to sell the home they love, or take very unattractive terms on a new loan.
Washington state?
Yes, the All In One is available in all 50 States, please feel free to reach out to me to complimentary consultation, and if the product is a fit I can help you get started. Cell is best: 847-612-5626
Can you support anyone in any location? I’m in Florida.
Yes, I am licensed in Florida. My team and I collectively are licensed in all 50 states.
It's called amortized interest not compound interest l o l
You are correct.
It sounds so good by just having learned the basics......but if there's no negative at all then why wouldn't everyone go to CMG and get this loan and never use tradiational loans from other banks ever again?
Exactly! The amount of people taking this loan has grown every year since we introduced it. Are you familiar with the Law of Diffusion of Innovation? Simon Sinek gives a great explanation: ruclips.net/video/u4ZoJKF_VuA/видео.htmlsi=cchzdIECX15GF37q&t=665
Simon Sinek, pretty interesting. Thanks.