we would be wealthy! And homeless.
We currently have a fifteen year mortgage on our house that runs approx. $950 per month. That includes home insurance and our escrow school tax amount.
When we were in the market a few years ago we thought we had looked at all the different types of mortgages out there.
It looks like we might have missed one! One Account Mortgage offers mortgages with the idea that your mortgage acts as a checking and savings account. The whole premise is that they use that money to counteract your accumulating interest amount per month.
It sounds like a great idea and really I must ask myself -- what's the catch? There doesn't really seem to be a catch other than you're putting your money in one place and it might be harder at times to access than going to your local bank.
One Account Mortgage has a pretty good website with lots of information about their product and just general information about different types of mortgages out there.
Another plus to this account is that it seems like it is pretty flexible. You can make overpayments without penalty and also skip months if for some reason you are strapped for cash.
I've got to look into this more!
This post sponsored by: One Account Mortgage
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