Using your mortgage as a checking account: The CMG Plan

It's always interesting to hear about new mortgage products on the market, especially those that might help pay down a loan balance more quickly.

Jack Guttentag has a piece today on Inman News about a product from CMG that functions both as a mortgage and as a checking account. Your paycheck is deposited into your account, and pays down your principal balance. As you use your paycheck (by withdrawing funds, writing checks, etc.), your principal balance goes back up. But even if you use all of those funds in a month, the bank has been able to use your money in the interim, thereby paying down the balance a little bit at a time.

Apparently these programs have been used in other countries for a while now, but this one of the first times I've seen this product offered in the US.