North American Mortgage Co. is offering home equity lines of credit in tandem with first mortgages. Because the credit line closes at the same time as the first mortgage, there is no additional closing cost.

In introducing the product, Santa Rosa, Calif.-based North American joins other major California lenders, including Countrywide Credit Industries of Pasadena. The lenders have adopted the tandem package because it's a natural extension of their basic mortgage business.

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