Smart solutions for savvy homeowners

All In One option re-thinks traditional 30-year mortgage

‘Many borrowers don’t realize the impact a traditional mortgage has on their ability to save for retirement,’ notes Jodi Longley, from CMG Financial.

‘Many borrowers don’t realize the impact a traditional mortgage has on their ability to save for retirement,’ notes Jodi Longley, from CMG Financial.

Should it be easier to pay down your mortgage faster, potentially saving you thousands of dollars of interest?

Should the process also be simple, incorporating banking features you already use daily? And provide access to your assets without having to refinance?

The folks at CMG Financial certainly thought so, which is why they introduced the All In One Loan back in 2005.

“While a lot of people don’t believe it’s possible to pay down their mortgage, the All In One Loan makes it a very realistic goal,” says Jodi Longley, loan officer, retail lending, with CMG Financial.

In turn, the savings realized can be applied to other parts of your financial plan, whether that’s retirement planning or children’s post-secondary costs, for example.

Time for an innovative idea

While 30- and 15-year fixed residential mortgages have been around since the 1930s, we’ve seen little innovation since. And while these pre-Second World War-era mortgages are still a good choice for many borrowers, they don’t suit everyone.

With these mortgages, borrowers can lock in their rate, but it takes longer to pay down principal, because you pay the interest upfront.

The All In One Loan combines banking functionality with home financing into one dynamic product. The interest rate matters less, because you pay down principal quicker, reducing the interest paid and letting you be debt-free sooner.

While the concept may seem new to US homeowners, similar products have been used for years in Canada, Australia, New Zealand and Western Europe. Even here at home, many lenders provide business clients with similar products, known as universal accounts and zero-balance accounts.

“Many borrowers don’t realize the impact a traditional mortgage has on their ability to save for retirement,” Longley says. “While interest rates may be low, and their payment affordable, the interest paid over the first 10 years alone is more than double that of principal.”

How it works:

Essentially operating as your checking account too, deposits like your paycheck help pay down the principal. At the same time, you have easy access to your equity – no refinancing needed – for those emergencies that crop up from time to time.

“For the household that is budget conscious, that sets financial goals, it’s a game-changer,” Longley says.

To connect with Jodi Longley about the All In One Loan and other mortgage options, call 253-431-8011 or email JLongley@cmgfi.com. Learn more at cmgfi.com/mysite/jodi-longley

READ MORE: How the right questions yield smart mortgage solutions


Talk to us

Please share your story tips by emailing editor@auburn-reporter.com.

To share your opinion for publication, submit a letter through our website https://www.auburn-reporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.

More in Marketplace

Jodi Longley, from CMG Financial
Smart solutions for savvy homeowners

All In One option re-thinks traditional 30-year mortgage

With Reber Ranch’s seven full-service dog wash bays, why wash the dog at home when you can leave the mess to them?
If you have pets, it’s time to re-discover this one-stop-shop!

Your go-to choice for all your animal needs is Reber Ranch

Over the top in community giving

Like most things, the roof over your head needs maintenance to keep… Continue reading

Pirouette to your pantry, let loose in your living room

Online dance classes let you try something new, from the comfort of home

Got your back: Tech innovations bring patients the highest standard of chiropractic care

From ‘party hats’ to powerful diagnostic technology…what to expect from a visit to the chiropractor

Mayor Ralph and Comcast Honor Local Students for Outstanding Academic and Community Service

Comcast Awards Scholarships to 42 Washington State High School Seniors

While people may be staying closer to home right now, nutritious and delicious meals are as close as Gourmet Meals to Go, delivered right to your door.
5 simple steps gets custom, restaurant-quality cuisine to your door!

We might not be dining out much right now, but that doesn’t… Continue reading

Discover 6 beautiful botanical spaces in this garden paradise

We know the Pacific Northwest is a gardener’s – and garden lover’s… Continue reading

Don’t Dread Exercise… Eat The Frog!

Leapfrog to fitness by facing your fears

Using specialized equipment at Longevita Pilates and Yoga Studio in Auburn.
Find a fitness community that fits!

Pilates to yoga, TRX and boxing, this Auburn studio helps you get started on your wellness goals

Helping people get back on track through the court process

Bail agents do far more than simply get people to show up in court, says All City manager/agent

Bridging the digital divide in Washington

Comcast’s Internet Essentials program has connected nearly 340,000 in Washington State