The Home Ownership Accelerator mortgage is back. The loan product combines a first-lien line of credit and a full-service checking account. Borrowers make deposits into the loan, reducing the balance on which interest in calculated. The borrower can access their money to buy things with checks, an ATM/debit card or online bill pay. San Ramon, Calif.-based wholesale lender CMG Mortgage said borrowers can save thousands in interest over the life of the loan and is bringing the loan back after its popularity grew in Australia and the UK. CMG Mortgage, a subsidiary of CMG Financial Services, had previously suspended the program because non-agency mortgage investors pulled out of the market. The product will first be offered in California, Washington, Arizona, Colorado, and Minnesota, with other states being added in the future. Write to Austin Kilgore.
Most Popular Articles
Latest Articles
From resilience to antifragility: Rethinking cybersecurity for real estate and mortgage professionals
In information security, we’ve long spoken about resilience. The goal has been to withstand an attack, recover quickly, and return to business as usual. But in today’s environment—where attackers adapt and evolve daily—resilience is no longer enough. We must go further. We must embrace antifragility.
-
From local to global: RE/MAX’s Chris Lim on the next era of real estate relationships
-
Stop marketing like it’s 2008: You’re invisible
-
RE/MAX accelerates real estate innovation with AI and technology
-
Retirement plans for small-business owners have visible generational gaps
-
VA loans rise as housing market shifts toward buyers
