how do I get an offset mortgage in the USA – are they legal?
November 18, 2008
Andrew W asked:
I used to live in the UK and a fairly common mortgage was an “offset” or “current account mortgage” where the money in your checking and/or savings accounts was used to offset interest on the principal for your mortgage – as opposed to earning a lower rate of interest. These are flexible and cost effective accounts but since moving to the US 7yrs ago I haven’t been able to find one. Are they legal here?
I used to live in the UK and a fairly common mortgage was an “offset” or “current account mortgage” where the money in your checking and/or savings accounts was used to offset interest on the principal for your mortgage – as opposed to earning a lower rate of interest. These are flexible and cost effective accounts but since moving to the US 7yrs ago I haven’t been able to find one. Are they legal here?
November 19th, 2008 at 6:38 am
I’ve been in mortgages here in the US for 10 years. I’ve never seen one. I know what they are, I looked them up after seeing the term on here.
It’s possible they exist in the private banking world, but I don’t know of any in the normal market.