Should I Close my Old Checking Account?
Keep your old checking account open. This allows you to quickly deposit checks and cash, then transfer the funds electronically into your All-in-One Loan. Flowing as much of your cash finances through your All-in-One Loan as possible maximizes your interest savings. The more funds you "park," the lower your daily principal balance, and the more interest you save.
How and When Does my Payment Change?
The interest due on your loan may change monthly, based on the one—month London Interbank Offered Rate Index (LIBOR) interest rate index published by the Wall Street Journal at the end of every month.
What is the LIBOR Index Based on?
The LIBOR is an average of the interest rates that major international banks charge each other to borrow U.S. dollars in the London money market. It is one of the most common indexes on which to base mortgages.
What Happens When I Pay Off the Loan Early?
If you pay off the loan early, you still have access to the accumulated equity, up to your credit line amount, until your 30—year term is complete. If you continue to make deposits into the account, and your loan is paid in full, those deposits can be transferred into a money market account online, and your account will still remain open