I have a AIO loan, whatever your initial loan amount is PMI is 1.75% of that amount if you're 90% loan to value and it's a one time fee at closing. When it comes to the interest rate the floor is 3.75% and your ceiling is 6% above whatever you're initial rate was at closing. You can choose your margin interest rate then the index is added each month and that is your interest rate for that month.
One thing to add, is that usually all in one mortgages have a cap of like 9-10% but 1st Lien HELOC has a cap of like 18% range. I know first hand. Now that might not matter, just depends on how your using the account.
I have a AIO loan, whatever your initial loan amount is PMI is 1.75% of that amount if you're 90% loan to value and it's a one time fee at closing. When it comes to the interest rate the floor is 3.75% and your ceiling is 6% above whatever you're initial rate was at closing. You can choose your margin interest rate then the index is added each month and that is your interest rate for that month.
Thank you for that info very detailed
Thank you, this is the comparison I was curious about!
One thing to add, is that usually all in one mortgages have a cap of like 9-10% but 1st Lien HELOC has a cap of like 18% range. I know first hand. Now that might not matter, just depends on how your using the account.
Thank you for that information I’ll have more content on this both tools are good
What do you mean about "hawaii-no go" why is hawaii a no go.
We have an AIO loan and love it. I highly recommend Merchants Bank of Indiana
AIO loans don’t have PMI! Know the facts before making statements like this then spreading on the internet
Educate us all if I’m wrong
Exactly! My AIO has no mortgage insurance. My cap is 10 percent and yes my rate has gone up a bit.
@@tamarajefferson2472 thank you I will review further on this and make my corrections.
@@tamarajefferson2472 I got a confirmation that with All in one loan anything over 80% LTV they require mortgage insurance
What was this clip from, Why Hawaii NO GO?
There has to be a physical branch in Hawaii for them to offer that product
@@DenzelNapoleonRodriguez okay, got it thank you. do you have the full video link? thanks for all your help.
@@hanalei412002 it’s in my course I’ll have the full video dropping soon
@@DenzelNapoleonRodriguez ah okay