North American Mortgage Co. said it has formed an alliance with Delta Air Lines to reward borrowers with frequent-flier miles.

The mortgage company will award 1,000 frequent-flier miles for every $10,000 borrowed, with no limit on the total miles that can be accrued. All miles would be awarded six to eight weeks after the loan has closed. The company will also award 2,500 miles to customers who take out an equity line of credit-regardless of the loan amount.

The HouseMiles program will be available nationally to borrowers who purchase or refinance a home.

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