A Principal First Loan in Colorado Springs can put in in charge of your money. Principal First Loans, also called the “All In One Loan” or “AIO” is a loan that saves the average homeowner thousands of dollars and gets your loan paid off quicker.
Mortgage interest incurred on a loan can almost be as much as the amount borrowed. The Principal 1st Loan is a solution. By combining banking functions with home financing into one dynamic instrument, borrowers may be able to reduce the interest they pay by tens of thousands of dollars and cut years off their loan.
Advantages of the Principal 1st Loan
- Save thousands in interest
- Reduce your loan balance faster
- Ability to finance new home purchases or refinance current mortgages
- Direct deposits are applied to the principal, which lowers your outstanding daily balance and interest
- Less money spent on monthly mortgage interest means more money available to pay down your balance quicker
- Access to home equity without having to refinance
- Comes with ATM cards for all account users, plus secured online bill-pay, unlimited check writing, and bank-to-bank wire transferring
First Lien HELOC
Lower your home loan principal faster and save tens of thousands of dollars in mortgage interest. With a Principal 1st HELOC, you have more control over your loan balance and interest costs. Plus, you can enjoy flexible access to your home equity for 30 years without having to refinance.
Introducing the Principal 1st Loan
Not just another loan, but a solution to paying too much interest
What makes the Principal 1st Loan, offered by 719 Lending so powerful is that it isn’t a standard closed-ended mortgage, but instead, a home equity line of credit. Lines of credit are unique because they are flexible, two-way instruments allowing you to apply for as much money as you desire toward the balance without losing access to your funds. The Principal 1st provides 30-year access to home equity dollars, and no hidden fees or required balloon payment.
Additionally, the Principal 1st Loan works just like an ordinary checking account. Home finance and personal banking are bundled together!
This revolutionary design allows you to use your everyday cash flow to offset your loan balance and save mortgage interest without requiring a change to your budget.
Deposits made into the Principal 1st Loan pay down principal first and remain available 24/7 through the banking features. The loan comes with ATM cards for all users of the account, secured online bill-pay, unlimited check writing, direct deposit, and bank-to-bank wire transferring. Your monthly interest payments are computed on each day’s ending balance, so even as you withdrawal money from your account for regular expenses, your loan’s daily balance is kept lower for longer – and that equates to less interest being charged than with a traditional mortgage.
In effect, you avoid having to pay more interest on your loan using your regular cash flow than what you could typically earn on those dollars in a regular checking account. Less of your money spent on monthly mortgage interest means more of your money left over to help you meet other financial objectives.
Principal 1st Loan Details
- 30-year term home equity line of credit with 30-year draw access
- Embedded checking account with 24/7 banking access to a line of credit and funds
- ATM debit cards, unlimited check writing, and online bill-pay and statement are included
- 20% down payment requirement for purchases
- Purchase and refinance transactions allowed
- Primary, Second Homes, and Non-Owner occupied homes
- Product availability may be geographically limited
- Other guidelines apply
Example of an All-in-One Mortgage
Dan needs a $400,000 mortgage at 6%. He has a net monthly income of $7,000. If he does a conventional 30-year fixed loan, his monthly payment will be $2,398. After all expenses, such as day-to-day living, the mortgage, etc., he will be able to save $1,000 per month. But if he uses an all-in-one, or “offset,” mortgage, the $1,000 per month he saves will be used to reduce the mortgage balance for interest payment calculations as well. as explained by Investopedia
To obtaining a Principal 1st Mortgage, give us a call at 844-719-(LEND) 5363
- Save thousands in interest
- Reduce the loan balance faster
- Non-QM and TRID loan
- All-in-one mortgages allow for the combining of a mortgage and savings. They require the combination of a checking account, home equity loan, and mortgage into one.
- The benefits of an all-in-one mortgage include—seamlessly using extra cash flow to pay off a mortgage, as well as having increased liquidity beyond typical home equity loans.
- Extra principal payments made on an all-in-one mortgage can be reversed and retrieved anytime.
- All-in-one mortgages typically charge a $50 to $100 annual fee and are 30-year adjustable-rate mortgages.
Have questions about a Principal First Loan – “AIO” in Colorado Springs? Give us a call! One of our mortgage specialists would be happy to answer all of your questions and get you started with a great low rate today!
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