On July 2, 2008, The Washington Post published an article titled "Obama Got Discount on Home Loan" by Joe Stephens. Stephens reported that Barack Obama received a 5.625 interest rate on their 30-year fixed rate mortgage through Northern Trust for their home in Chicago.WashingtonPost.com: Obama Got Discount on Home Loan(July 2, 2008)
Obama's Spokesman Comments
"Northern Trust does not have a VIP mortgage program...Obama received the same rate as would have been available to anyone with his financial profile and with an offer from another institution."Politico: Obama Clarifies Mortgage Deal(July 2, 2008) —Ben LaBolt
References
Fast Facts
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Loan secured on June 8, 2005
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Secured a $1.32 million loan from Northern Trust
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Locked in a 5.625 percent interest rate on a 30-year fixed-mortgageWashingtonPost.com: Obama Got Discount on Home Loan(July 2, 2008)
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Stephens' article says similar loans at the time averaged 5.93 percentWashingtonPost.com: Obama Got Discount on Home Loan(July 2, 2008)
