Homeowners have long recognized the financial advantages of investing larger-than-required mortgage payments and/or making more frequent principal re-payments than required, either on an annual and/or monthly basis. With this process, it is possible to build up home-equity faster, save interest, and pay-off a mortgage years ahead of schedule.
With this said, a number of loan servicers and third-party companies offer products, services, and programs to help homeowners achieve the admirable goal of being mortgage free, and owning their home “free-and-clear”. Mortgage companies are eager to promote “bimonthly” payment plans and similar programs, and some companies even sell expensive software packages to assist the homeowner with implementing faster or larger mortgage payments.
Popular examples of these approaches are:
- The “round-up” approach, in which a mortgagor’s actual payment is rounded up above the required payment by the nearest denomination of some amount such as $20, $50, or $100.
- The “bonus” approach, in which the mortgagor simply applies, at his or her discretion, any irregular cash-flow, such as a bonus, to the mortgage obligation.
- “Biweekly plans” in which the mortgagor makes one-half of the required monthly payment every two weeks.
- The “13th principal payment” approach where a homeowner will make just one extra monthly payment each year, but have it applied to only principal, which in turn will reduce a 30-year mortgage loan to a 24-year term.
The term “accelerator mortgage” is a distinctly different concept, and should not be confused with “biweekly or bimonthly plans” and/or similar approaches. Accelerator mortgages only recently made their debut in the United States, however these mortgages have been used for decades in Canada, Australia, the United Kingdom, and most of Europe. They are called “Flexible Mortgages” , “Off-Set Mortgages, or “All-In-One Loans/Accounts”, and they represent more than 50% of all outstanding mortgages in these aforementioned countries, and are in fact the most desired type of home loan in these countries.
Arguably, the United States is trailing behind these other countries with the way we finance our homes, and when compared to the U.S., the popularity of accelerator mortgages in these foreign countries, along with the fact that most U.S. homeowner’s are looking to deleverage and eliminate any and all debt from their personal balance sheets, based on the experiences of the Great Recession of 2007—2009, could be the catalyst that finally makes accelerator mortgages more popular in the U.S. mortgage market.
The new All-In-One Loan is the first of it’s kind here in the States.
2. All-in-one Loan Unique Feature
The unique feature of the All-In-One Loan is that it combines a 1st position Home Equity Line of Credit (HELOC), merged with an inherent means for using funds that otherwise would have remained unused during the month. In its simplest form, the All-In-One Loan is HELOC with a fully functioning checking account integrated into the loan.
Most homeowners have money flowing into a checking account from which they pay their monthly mortgage obligation and other monthly expenses. Typically some expenses occur regularly at about the same time each month, other expenses are irregular, but at the same time repetitive, and yet others are sporadic and unpredictable.
Because cash outflows are not perfectly predictable (and in fact may be highly unpredictable), the excess of deposits over cash outflows produces a cash-reserve that automatically provides some peace of mind. However, the problem is that this cash reserve, or “cushion” provides no investment return and in fact, is nothing more than unused funds, that your bank actually utilizes (paying you nothing for their use) to lend out to others. In fact, even if cash outflows exactly matched deposits each month, the All-In-One account would still have unused funds (unless inflows and outflows occurred on the same day of each and every month).
It involves the direct-deposit of a homeowner’s income (and possibly deposits from other sources) into the All-In-One Loan/Account. The entire balance in the account is then automatically and immediately applied against the outstanding balance of the home loan. Borrowers don’t change any of their spending habits, and access their funds just as they always have with their previous checking account, for normal household expenses, as well as monthly debt obligations, by drawing from the All-In-One Loan/Account. They have access to their funds as they always have, via an ATM/Debit Card, free Online Bill-Pay services, Wire Transfers into other accounts, and Checks, that are all incorporated into the account. With this approach, one account is easily used to meet mortgage obligations and all other expense and payments.
The All-In-One Loan drastically reduces the amount of interest paid by the homeowner/mortgagor as well as the time required to pay-off the mortgage in full. This result is achieved for two reasons:
- The All-In-One Loan uses funds that otherwise would normally be sitting idle in the homeowner’s typical checking account
- Funds in excess of the homeowner’s expenses are automatically invested in paying off the mortgage obligation.
In effect, each time the homeowner makes a direct-deposit or adds funds from another account, a principal repayment is applied to the mortgage. This contrasts dramatically with making payments on a traditional mortgage, where the principal (even if extra is paid each month) is only reflected as a lower balance at the month’s end. With the All-In-One Loan/Account, at the end of each monthly statement period, interest is charged and added to the principal balance based on the outstanding daily principal balance.
This is the only home loan of it’s kind in the U.S. where principal is actually paid first and interest is paid last.
Because interest is calculated on the average daily balance for the month, at the end of each month, incoming principal payments are paid first before interest is paid, and begin to reduce interest costs immediately.
Conversely, with a traditional mortgage, interest is always paid first, not last, and the interest is always calculated off of the original/initial loan amount. Since the monthly payment on the All-In-One loan is a fluid repayment, and not a scheduled repayment, as is the case with close-ended mortgage loans, the All-In-One borrower’s excess funds are carried over each month to the next, this process compounds each month, and this creates an increasing benefit to the homeowner over time, whereas with a traditional mortgage, any additional principal repayments only reduces the principal, not the payment.
It is possible to manage one’s finances adequately with only the HELOC portion of the All-In-One Account. That is, a borrower does not need to close the checking account he or she is already using, to enjoy the benefits of lower interest costs, and a quicker pay-off timeframe. In practice, for convenience and flexibility, most All-In-One Loan borrower’s retain their current checking account, and maintain a small balance after they open the All-In-One Loan, however the effectiveness of the All-In-One Loan is maximized by moving as much money as possible through the account. The greater the funds in the account, the lower the daily principal balance, the more interest saved, and the quicker the pay-off
timeframe will be.
3. All-in-One Loan Advantages
The All-In-One Loan, without a doubt, offers a homeowner the potential for a very substantial financial advantage. Compared to traditional mortgages, the All-In-One Loan will, in most cases, allow a homeowner to build-up home-equity much faster, and the time required to completely pay-off the mortgage will be greatly reduced.
Consider this simplified example:
• Option 1: A traditional 30-year fixed-rate mortgage loan in the amount of $300,000 with an interest rate of 4.500% and a monthly payment of principal and interest of $1,520.
• Option 2: An All-In-One Loan of the same amount and interest rate. Further assume the following:
- Monthly net income: $6,000
- Monthly expenses: $3,000
With these assumptions, the monthly breakdown will be:
- Net income: $6,000
- Debt repayment: $1,520
- Living expenses: $3,000
- Net savings: $1,480
In the above example, living expenses do not include the mortgage payment (covered under “debt-repayment” figure). This means the residual $1,480 will remain in the All-In-One checking account after expenses are paid.
With Option 2, the mortgage will be paid off in 9.85 years instead of 30 years. Furthermore, the total interest paid under the traditional mortgage will be $247,242, but only $79,690 with the All-In-One Loan, which is a savings of $167,552. To match the results of the All-In-One Loan, the homeowner would have to be able to obtain an interest rate of 2.244%, on a 30-year fixed mortgage loan, which is impossible.
Since the All-In-One Loan incorporates any residual funds left over after expenses and allocates them to principal reduction, the natural argument is to state that the traditional mortgage holder can make discretionary payments to his or her mortgage as well. However, since no traditional mortgage borrower can allocate 100% of their unused, idle, residual funds, the question then becomes, “How much of the residual funds can be used to aggressively reduce the mortgage balance?”
Assuming one puts 50% of the residual monies to work (and leaves the remaining half for contingencies), an extra payment of $740 per month can be made. In this scenario, the traditional 30-year loan would be paid off in 15.42 years, with a total interest cost of $115,854, still 30% higher than the All-In-One Loan. However, the very distinct disadvantage is that committing the extra $740 per month to the traditional close-ended fixed mortgage, is irreversible, and none of the extra payments can be retrieved, unless the homeowner refinances to borrow against those extra payments, or sells the home, whereas with the All-In-One Loan, all of the homeowner’s pre-payments are 100% reversible, and can be retrieved at any point in time, as the want or need arises, without refinancing, or selling the home.
Obviously, the financial advantages to homeowners with the All-In-One Loan can be substantial and can be of great importance to financial planners and other financial advisors. Specific applications of how the All-In-One Loan might be utilized by financial planners include the following:
- Coordinating the date of the mortgage retirement with the client’s retirement date: Recent studies have shown that many people are reaching their retirement with substantial mortgage payments, which is less than an ideal situation for most retires. With an All-One-Loan a homeowner can project, years ahead, when the mortgage will be retired, and sometimes he or she can adjust monthly spending to make the retirement and mortgage pay-off dates coincide.
- Providing a flexible, efficient cash management tool: Budgeting, or the much more palatable term “cash flow management,” is a difficult, central issue with many clients. Payments on a traditional mortgage are ridged, presenting a monthly obligation that always takes a high priority. However, the All-In-One Loan provides a flexible liability management tool, and because they are based on lines of credit, clients can adjust their inflows and outflows to meet other financial needs as necessary. Thus, the All-In-One Loan is extremely flexible, and actually makes the client’s mortgage more valuable, vs. just a liability, getting in the way of providing more monies for the financial planner to work with.
Furthermore, the All-In-One Loan applies the old adage that all financial planners preach excessively—”pay yourself first”- and homeowners are able to visually watch the rapid decline of their mortgage balance. This in turn can increase their motivation to spend less. Homeowners who have had trouble with traditional budgeting often can find reasons to spend less if they see the immediate impact on their mortgage obligation.
- Providing an effective emergency fund: Financial advisors have long recommended that clients should maintain an emergency fund by investing funds in safe, liquid assets. The traditional rule of thumb has been that the emergency fund should consist of six to twelve months of income, but often the rule has been softened to three to six months of expenses. In any event, the amount of the traditional emergency fund can be sizeable and the cost of maintaining such a fund in low-yielding investments can be substantial.
With the All-In-One Loan, available equity with the line of credit can be used as an emergency reserve to meet a temporary loss of income or unforeseen financial needs. Funds can be provided almost immediately and repayments can be flexible and convenient. Having an All-In-One Loan solves the unfortunate problem of banks only wanting to lend to those who don’t need money. As most are aware, it’s next to impossible to borrow money when one actually needs it, since a job loss, or other financial emergency only creates more risk for the lender. This is precisely why historically foreclosure rates in the countries where the “Flexible Mortgage” is the most popular, are far below those of the United States, because even with 30-year mortgage loans providing very low interest rates, they are nothing but a financial burden when a homeowner loses their job, and unless that homeowner has a sizable contingency fund, the foreclosure process happens rather quickly.
- Access to funds for investments: Flexible access to monies can, subject to suitability and risk tolerance considerations, open up new opportunities for investments in securities, real estate, insurance, and other vehicles. Although “equity harvesting” is controversial among financial planners, the more rapid build-up of home-equity in the All-In-One Loan can enhance the periodic withdrawal of home-equity to allocate to other investments if this is desired. Furthermore, when it comes to investing in real estate, there’s no better type of home loan available, since cash-flow payments from rental property only increases the regular deposits into the All-In-One Loan/Account, thus accelerating the mortgage balance even faster, and reducing interest costs even further.
As attractive as the All-In-One Loan might be for some borrowers, clearly they are not appropriate for every homeowner.
The All-In-One Loan results are driven by two factors:
- the interest savings generated by the “float” of various living expenses parked in the loan for any given length of time (e.g. money that is needed, but waiting to be spent), and interest savings generated by “residual” funds left over in the account after expenses (e.g. money that is not needed, that would otherwise sit in a low interest bearing savings account for emergencies, etc.)
In most cases, the latter is more important, so the All-In-One Loan has little to no advantage if the borrower does not generally have a surplus each month after expenses. In other words, a person needs to be a cash-flow positive overall to benefit from the All-In-One Loan. Some individuals know they have savings (and others know they have no savings), but it is easy to imagine a person who believes he or she will spend less than they earn only to learn later that they have been overly optimistic. Therefore, the All-In-One Loan is not appropriate for a homeowner who cannot apply excess payments to the principal, or who truly lives paycheck to paycheck, borrowing on credit cards for the last few days of the month to get them through to the next paycheck. The All-In-One Loan is most definitely for those who are good savers, have sound financial habits, and consistently maintain a healthy spread between their net monthly income, and monthly expenses.
The following table reflects the amount of time an All-In-One Borrower could pay off their home given the difference between their net income and monthly expenses:
*A person could have zero monthly living expenses if the individual had another checking account or another person paid his or her expenses. (e.g. a newly married couple, where the husband now makes enough to cover both parties expenses, and then 100% of the wife’s income could go to paying off her house.
With the All-In-One Loan, the “credit line” is the maximum amount the homeowner can borrower under the mortgage. The credit line is typically higher than the first draw amount (unless a borrower is using the All-In-One Loan to purchase a home), which is used to pay-off the old mortgage. So, should a homeowner who’s currently carrying a $350,000 balance, on a home that’s worth $500,000, and wants to refinance into the All-In-One Loan, they would be eligible to take out a new All-In-One Loan for $400,000, of which $350,000 will be advanced as the “initial draw amount”, and immediately be used to pay-off the old mortgage. This would give the homeowner a $50,000 “cushion” or accessible home-equity in excess of the amount needed to pay-off the old mortgage.
Some individuals do not have the financial discipline to refrain from using this available credit. If the homeowner’s expenditures are greater than the deposits into the All-In-One account, the debt will only grow, and if the negative cash-flow continues ordinary spending could drive up the homeowner’s long-term debt. Eventually the maximum debt allowed (the credit line) would be reached. In this worst case scenario, if an individual cannot make the required payment on the credit line, then they would be facing the possibility of defaulting and therefore the risk of foreclosure, as would be the case with any mortgage loan.
However, it must be noted, that once the credit line is reached, the minimum payment that is required is an interest-only payment that does not include or require any principal repayments, so as long as the borrower can keep up with the interest-only payment, then the All-In-One Loan can still be a better option, especially if the reason that the credit line has been reached was due to a financial emergency, like an unexpected job loss, vs. a homeowner being irresponsible with their spending habits. Therefore once the financial emergency has run it’s course, and the homeowner has positive cash-flow again, the All-In-One Loan actually provided the homeowner with the ability to wait out whatever unfortunate event occurred.
5. All-in-one Loan Interest Rates
For a traditional mortgage of a given term, interest costs depend on the interest rate and the amount borrowed at the time the mortgage was originated. With the All-In-One Loan, interest costs are driven by four factors:
- The interest rate in effect each month.
- The current principal balance.
- Deposits into the account
- The withdrawals from the loan (and the timing of such).
Therefore, the effect of rising rates is often dampened by any net positive cash-flow that reduces the balance on which interest is calculated. The All-In-One Loan has a reasonable maximum interest rate cap, 6.000% above the starting interest rate at the time the All-In-One Loan is originated (i.e. if the starting interest rate is 3.400%, then the highest the interest rate could ever rise to would be 9.400%).
Many potential, eligible and well qualified borrowers who inquire about an All-In-One Loan, react negatively to the suspected risk of having a floating interest rate on one’s home loan. However this initial reaction, is only a “perceived risk vs. actual risk” reaction. That is because when it comes to the All-In-One Loan, the interest rate takes a back seat, to the two more important factors of this loan, the principal balance, and the homeowner’s cash-flow between their monthly net income and monthly expenses. The mental shift that must take place is understanding how it’s actually possible to pay less total interest over time at a potentially higher interest rate with the All-In-One Loan, when compared to a much lower interest rate on a long-term amortized mortgage loan. Therefore, it’s even more important to educate oneself on what causes interest rates to move, up or down, the economics around mortgage finance, and to dispel the myths and misunderstandings regarding how interest rates move over time. We’ll come back to this.
Again, the reason this is possible, is because with the All-In-One Loan, there is no amortized repayment schedule, and the monthly payment due on the All-In-One Loan is only for the interest that’s calculated on the outstanding principal balance for each month. So it’s all about the extra funds that remain in the All-In-One Account, and that carry over each month, and this process repeats each month, which in turn accelerates the principal reduction quickly. Let’s compare, by taking a closer look at our two options from before:
Option 1: A traditional 30-year fixed-rate mortgage loan in the amount of $300,000 with an interest rate of 4.500% and a monthly payment of principal and interest of $1,520.
Option 2: An All-In-One Loan of the same amount and interest rate, however the monthly payment for the first month, will be $1,125, which is the interest rate calculated off of the starting balance.
Using the same assumptions from before, with the All-In-One borrower having $6,000 of net income each month, and $3,000 of expenses each month, after one year, the options have preformed like this:
Option 1: the traditional 30-year fixed mortgage balance has been reduced to $295,160 via the amortized repayment schedule, with $13,401 of interest paid in comparison to only $4,840 of principal reduction.
Option 2: With the All-In-One Loan the balance has been reduced to $272,961 and therefore the payment has gone down with the balance, and again, since the interest cost is calculated off of the outstanding principal balance, the monthly payment in the 12 month is now $1,023. However, let’s be conservative, and assume that by the 12th month, the interest rate has gone up to 5.500%, which would then make the payment for the 12th month, $1,251 (still lower than the 30-year option) but regardless, with the All-In-One Loan, a whopping $27,000 of principal reduction has taken place, and only $8,961 of interest was charged on the loan after just one year.
The Fixed Rate vs. the One Month LIBOR:
The Index used to calculate the interest rate for the All-In-One Loan month-to-month is the 1-Month LIBOR. LIBOR stands for London Interbank Offered Rate, which is the interest rate that banks use to lend money to each other internationally. So if Barclay’s in London needs to borrow money from Chase Bank in New York then Chase charges Barclay’s the face rate of the current 1-month LIBOR Rate.
The 1-month LIBOR index was first published in September of 1989, when it debuted at roughly 9.000%, and at a time when 30-year fixed rate loans carried interest rates just under 10.000%. Both rates have fallen from those heights, but LIBOR has maintained its advantage.
One who is considering getting into the All-In-One Loan needs to become educated on the history of the 1-Month LIBOR, as well as the variables that can cause it to fluctuate. This is very important, so that the borrower will always be aware of any fluctuations before they occur, either up or down. During times of increasing rates, keeping more monies in the account will help in keeping interest costs low, and during times of decreasing or stable rates, the All-In-One borrower will have the luxury of being able to utilize their funds for other endeavors, such as purchasing a car or funding their kid’s college tuition, and instead of borrowing from banks, they can borrow from themselves using their All-In-One account.
However, what’s most important is to understand that having a floating rate vs. a fixed rate is not universally bad, and if utilized correctly, the All-In-One Loan will out perform a 30-year fixed mortgage the majority of the time, again, given that the All-In-One borrower has all the financial attributes.
The following graph shows both indices (1-Month LIBOR and the 30-year fixed rate) together, as well as some observations relevant to the All-In-One Loan:
- We are currently below the historical averages for both rates
- Since 1989, the 1-Month LIBOR has averaged 4.33%. 30 year fixed rates have only been below 4.33% for four time-periods of six to twelve months each, in the history of the modern mortgage markets. Furthermore, there have only been four increases of 0.50% or more, and three of those four were followed by downward moves largely offsetting. The average volatility (month-to-month) has only been +/- 0.17%.
- If you add the highest margin 3.750% margin on the All-in-One Loan to this, the average rate including the margin, since 1989, would have been 8.080%, slightly higher than the average 30-year fixed rate mortgage originated over the same period (7.680%).
- But again, when it comes to the All-In-One Loan, the interest rate takes a back seat, and if you incorporate the loan’s cash-flow benefits, which can greatly reduce the amount you owe over time, over the same period, the All-In-One Loan would clearly have been the best choice financially. A cash-flow positive borrower often has the ability to reduce the balance enough to drive interest costs down so that the average “effective interest rate” is two to three points lower over the life of the loan compared to a mortgage loan with a traditional amortization repayment schedule.
- The 1-Month LIBOR will increase with any significant improvement in either the U.S. economy, or the Global economy as a whole, but must rise from the current 0.151% to 2.00%, in order to bring the fully indexed rate even with current 30-year fixed rates.
- The 1-Month LIBOR tends to decline more steeply than fixed rates (refer to the shaded areas which indicate recessions), which in turn allows the All-In-One Loan borrowers to benefit from a lower average rate over-time, and more importantly, allows the All-In-One Loan borrower to get an automatic decrease vs. having to incur costs to refinance into lower rates as is the case with fixed mortgages).
- The interest rate caps on the All-In-One Loan (6% over your starting rate) also limit any risk exposure to a significant rise in LIBOR rates, that could be caused by any possible hyper-inflation.
6. All-in-one Loan Alternatives
The “Do It Yourself” Alternative:
Is the All-In-One Loan most appropriate for a homeowner who believes he or she can duplicate the benefits of the acceleration feature with a bi-monthly or similar pre-payment plan? No doubt, mortgagors can make extra payments on their traditional mortgage and thereby reduce interest charges and the time to expire the mortgage in full, however these extra payment plans have the following and significant disadvantages compared to the functionality of the All-In-One Loan.
- Many individuals do not have the desire and discipline to follow an extra payment plan, especially if it is on a voluntary basis. A recent study found that out of 103 million households observed, only 10% make accelerated mortgage payments, to traditional mortgages, of which half are credited to short-term (20 year or less) mortgage loans, with discretionary payments averaging only about $125 per month. The study found that in that same group, on average over $300 per month was available for pre-payment, yet held back.
- Pre-paying with an extra payment plan locks up the funds permanently, unless the homeowner refinances, uses a home-equity loan, or sells the home to retrieve the funds. All these options carry extra costs to start and complete the transaction. With the All-In-One Loan, the homeowner can withdraw funds for emergencies, investment opportunities, etc. and furthermore, no fixed monthly payment is required if the borrower is below the credit limit.
- Because of the aforementioned point, a mortgagor would not apply all of his or her spare cash against the mortgage under a pre-payment plan. The need for liquid reserves always preempts discretionary payments to a traditional mortgage. The All-In-One Loan provides liquidity, so a low-interest cash reserve is not necessary. The All-In-One Loan allows the homeowner to apply every spare dollar against the principal balance as it’s going unused, and does it automatically without the borrower’s intervention. An analysis of the current outstanding All-In-One Loan portfolio shows that the average homeowner in the portfolio reduced his or her principal balance by about $2,500 per month over the first two years, about eight times the usual principal reduction for average-sized loans during that time frame.
- The average homeowner moves or refinances on a frequency that is inconsistent with most “do-it-yourself” pre-payment plans: Freddie Mac’s quarterly refinance statistics report shows that since 2000 the median age of 30-year mortgage loans being refinances averages just 2.8 years. What the average homeowner overlooks is the fact that 25% of all the interest paid in a 30-year mortgage is paid in the first 5 years, so starting the clock over wipes away any benefits of pre-paying one’s mortgage. Because the All-In-One Loan attacks principal first before interest, more aggressively, and more automatically, early results are likely to be better even if the borrower exits the loan after a few years.
The All-In-One Loan can save homeowners interest by applying otherwise lazy and idle cash against their mortgage loan balance, and the All-In-One Loan can allow a borrower whose objective is to pay-off their home loan as quickly as possible, the ability to aggressively reduce his or her loan balance without the risk of “locking-up” cash into a close-ended mortgage loan.
These objectives work hand in hand—pursuing one often leads to success in pursuing the other. The potential savings in interest and acceleration of the principal can be substantial, because the loan automatically employs every last and otherwise unused dollar. For this reason, in practical application, using an All-In-One Loan is much more effective than trying to pay-off a traditional loan by making extra payments.
Furthermore, because it’s based on a line of credit, the loan can also be used as a means to harvest home-equity with more flexibility and may provide a cost-effective reverse-mortgage substitute. With that said, the loan is not for everyone. In addition to a slightly higher interest rate at times, the All-In-One Loan can adjust monthly. While the effects of a higher floating interest rate is most times more than overcome by a borrower with adequate positive cash-flow through the loan, these features make the loan inappropriate for borrowers with neutral or negative long-term cash-flow.
Because the loan is an open line of credit, a measure of financial discipline is also required of the borrower. However, the All-In-One Loan can be an extremely powerful tool for the well disciplined cash-flow positive homeowner, whose committed to saving interest, paying off their mortgage faster, and/or using their home-equity as a base for investing or retirement cash, and therefore the All-In-One Loan, actually making one’s home loan valuable, vs. simply a liability.
About the Author:
Christian has been in the Mortgage Industry since 2002. Christian strives to create a unique client experience where he looks at the entire financial picture and then give specific advice to optimize income, multiply equity, and maximize wealth through the borrowing decision and strategy. Since there’s no “one size fits all” solution, his focus is on understanding each client’s unique short and long-term financial goals, and then recommending the optimal financial instrument (mortgage), whether it’s for a new home purchase, or refinance. While most mortgage professionals are transaction focused, in contrast Christian focuses on the relationship that is important between a mortgage advisor and their clients. Christian has assisted more than 100 homeowners with the All-In-One Loan, and is one of the most experienced Mortgage Loan Originators offering this innovative and progressive product in the Western United States. Christian is also a multiple recipient of 5280 Magazine’s coveted “Five Star Mortgage Professional Award” in 2010, 2013, and 2014. This award is given to those that provide exceptional service and overall satisfaction as indicated by local clients, peers and industry experts.