Politics | Barack Obama Obama Got 'Good Deal' on Mortgage Better-than-average rate on $1.32M loan raises eyebrows; bank says it's not unusual By Jim O'Neill Posted Jul 2, 2008 11:32 AM CDT Copied Democratic presidential candidate, Sen. Barack Obama, D-Ill., center, and his wife arrive at a park to watch their daughter Malia's soccer game in Chicago on Tuesday, July 1, 2008. (AP Photo/Jae C. Hong) Barack Obama is taking heat for accepting a better-than-average interest rate that saves him $300 a month on his $1.32 million mortgage, the Washington Post reports. The 30-year, fixed 5.625% rate on the Democrat's Chicago home was under the 6% being offered other buyers in June 2005 by Northern Trust, and included no origination fee or discount points. An Obama spokesman said the bank lowered the rate to compete with other lenders; Northern Trust said it aims to " pursue successful individuals." Questions arise, however, if the loan to a public official could be classified as an illegal gift. "Do they do business like that for people who are not congressmen? If they don't, that's a problem," said one legal expert. Read These Next A young chess grandmaster has died unexpectedly. An 11-year-old died from a snake bite. His dad thought he was drunk. A former NFL Pro Bowler has died at age 36. A well-known nutrition influencer died after a home birth. Report an error