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@kentreporter.com.

To share your opinion for publication, submit a letter through our website https://www.kentreporter.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

Career advancement, networking opportunities and leadership development are key benefits graduates cite as benefits of their MBA or MSBA.
Top 3 Reasons to Get Your MBA Online

A rewarding business career begins at Albers School of Business and Economics at Seattle University

For a career in healthcare marketing, a variety of courses are available that can build upon your skills.
Healthcare Marketing Careers 101

What you want to know about a career in healthcare marketing

Jodi Longley, from CMG Financial
Smart solutions for savvy homeowners

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

For your furry friends, prevention is the best medicine

Animal Health Care Center emphasizes why quality care matters, from the start

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

J. Stephan Banchero, III, president of Sound Bites (left) with John Moscrip, chief operating officer, Duke’s Seafood. Sound Bites delivers fresh organic produce, frozen protein and restaurant meals everywhere in Snohomish, King and Pierce counties.
Your SOUND choice for produce + restaurant favorites + more, delivered right to your door!

Get a head start with a weekly delivery of local organic produce, proteins, coffee and baked goods

Show Grand Ridge Plaza What You Got this summer for a chance to win great prizes from GRP merchants! From Aug. 24 to Sept. 6 if you post a photo to Instagram featuring beauty and style at Grand Ridge Plaza (and use the hashtags #Style and #ShowGRPWhatYouGot ) you’ll be entered to win.
                                Setting a wellness goal for the second half of 2020? Grand Ridge Plaza has a range of health and fitness professionals to get you on the right track.
Feeling stressed? Treat yourself to a spa escape, right here in Issaquah!

Grand Ridge Plaza has plenty of beauty + style options to help you rejuvenate

Your neighborhood one-stop-shop for family fun!

Snap some photos of your afternoon at Grand Ridge Plaza for a chance to win

How the right questions yield smart mortgage solutions

New mortgage or refinancing, find a trusted source with local knowledge and experience

Cooking up delicious ideas to keep your annual events happening safely!

Fundraisers and special events ARE still possible thanks to this innovative team

Sweaty, mindful, heart-pounding community building

Covington alum comes home, and builds her favorite fitness studio

Cool ice cream, hot Thai or breezy cocktails… How does your summer taste?

Show Grand Ridge Plaza what you’re eating this summer for a chance to win awesome prizes!