Are you interested in making your mortgage payment with a credit card? If yes, you have found yourself on the right page. Here, information on how to make a mortgage payment with a credit card will be given, you just have to slide down this page to get the information.
How To Make a Mortgage Payment With A Credit Card
You can make a mortgage payment with a credit card, but some mortgage companies do not allow direct payment of mortgage bills with a credit card. Likewise, some credit card companies do not allow mortgage payments on their cards.
One of the reasons is that mortgage lenders will incur transaction-related fees. Also, lenders do not like the idea of one paying one debt to take another. However, irrespective of this, you can still make a mortgage payment with a credit card by using a payment service that charges your credit card and then sends a check to your mortgage company.
How To Pay Your Mortgage with A Credit Card
It is beneficial to pay your mortgage with a credit card as there are several benefits attached to it. When you pay your mortgage with a credit card, you get to avoid late penalties as you get extra time to get the money together. So how can one pay a mortgage with a credit card? Let us find out below.
Get A Cash Advance
Cash advance enables you to withdraw cash against your credit limit with your credit card. It is a short-term cash loan that you can use for whatever you like and that includes making your mortgage payment. Well, not all credit cards permit cash advances, hence you will need to find out if your provider allows it.
Use A Balance Transfer Check
One way of paying your mortgage with a credit card is by using a balance transfer check. This transfer check involves moving a balance from one credit to another. But sometimes you can use a balance transfer check to move money to your bank account from your credit card. Your new balance transfer credit cards will be shipped with paper balance transfer checks. So, you can fill them out, and deposit them into your bank. Then, you can use the cash to pay for your mortgage.
Use A Third-Party Payment Service
Using a third-party payment usually facilitates mortgage payments. One of these third-party platforms is plastiq. Every time you use your credit card, you will need to pay plastic a fee that equals 2.9% of your mortgage payment. Plastic will then deliver an electronic payment if the lender allows it, or it will give the mortgage lender a check that eliminates the need for the three parties (the credit card issuer, the lender and the credit card payment network) to approve the transaction.
Make Use of Venmo for Payment
Venmo is an option you have to make a mortgage payment with a credit card. You can make use of this platform to provide a cash advance and it works by putting your card details and sending a Venmo payment to yourself. A fee of 3% will be charged when you send money, so you need to be careful about using a card that also charges a large cash advance fee.
Convert Your Gift Cards to Money Orders
Another way of paying for your mortgage with a credit card is using your purchase gift cards that you can convert to money orders. This process can be complex a bit, but it will save you from paying lots of fees. To do this, you have to go to a store that sells gift cards and get enough to cover your mortgage payment using your credit card.
Why You Should Make a Mortgage Payment With A Credit Card
Below are reasons to consider:
- If you want to receive credit card rewards, then you should make a mortgage payment with a credit card.
- To get extra weeks to pay the mortgage without incurring late payments to the mortgage company.
- If you intend to avoid foreclosure, then you should make payment with a credit card.
- To hold onto their cash and get a couple of extra weeks’ worth of interest.
Benefits Of Paying a Mortgage with A Credit Card
There are benefits attached to paying a mortgage with a credit card. We will see some of the benefits below.
- Paying a mortgage with a credit card enables you to earn rewards and new card welcome pluses.
- It also gives you additional time to pay your mortgage payment.
- You avoid cash advance fees and high-interest rates when you pay a mortgage with a credit card.
- Also, you get to avoid a late payment mark on your credit report.
Frequently Asked Questions
Can I Pay My Mortgage with A Credit Card?
You can pay your mortgage with a credit card. But while some mortgage companies do not charge your card directly, you can use third-party services.
Should I Pay a Mortgage with A Credit Card?
You can make a mortgage with a credit card when the reward and benefits are higher than the fee, if you want to earn rewards or if you want to avoid late payments.
CHECK THESE OUT:
- What Type of Mortgage Should I Get
- How Does a Mortgage Work
- Bank of America Mortgage Application Sign up & Login at www.bankofamerica.com
- How Does Second Mortgages Work
- How to Get the Best Mortgage Rate
Check These Out Also:
