My wife and I decided against a conventional mortgage when we moved into our second home, we went with an all-in-one. I consider us to be pretty conservative financially, so to me this seemed a great choice, paying down principal on our home as quickly as possible but still having the flexibility to pull money back out from the account if "sh1t happens". It's been a great experience, but you need to have self control and it takes some adjusting to the concept that every time I buy something... even a loaf of bread, it's coming out of my mortgage so to speak.
The plus side is that if you are a decent saver, it starts to pay dividends very quickly.
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