A lot of people have asked us how we paid off our mortgage with credit and this is a smart question considering that traditionally mortgage companies and banks do not let you make mortgage payments with plastic. If you have a Mastercard or Discover card you may be able to pay your mortgage through a payment processing service called Plastiq for.
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Their cards can be used to pay a mortgage.
Use credit card to pay mortgage. But you can also use a third. As noted above Plastiq charges 25 to use your Mastercard or Discover to make mortgage payments. So to make it worth it youd have to earn credit card rewards greater than 25.
On a 1000 mortgage that adds up to 25 per month or 300 per year. Theres even a memo section where you can write your loan number and any other details to ensure the payment. Some lenders who accept credit card payments charge a transaction fee to process the payment.
Bank of America credit cards for instance cannot be used to pay a mortgage. In that case you could pay your mortgage with a credit card pay your credit card bill in full each month to avoid interest and pocket the 05 in rewards. Pay a Mortgage with a Credit Card When you receive an offer from a credit card company advertising a 0 interest rate on balance transfers for a specified introductory period of time you may feel the temptation to use the card to pay off your mortgage.
Mortgage lenders dont accept credit card payments directly. Cost of Paying Your Mortgage With a Credit Card. With all this being said it doesnt.
You see each time you swipe your credit card the business accepting that payment has to pay a fee to the credit card issuer the processing network and other companies involved in processing the transaction. Using your credit card to pay your mortgage can also have a negative impact on your credit rating. Use a third-party service.
Mortgage lenders usually do not accept credit cards as a valid method of payment but there are ways to get around this. In our case we used a service called Plastiq to pay our mortgage off. The Blue Business Plus Credit Card from American Express since it earns 2x Membership Rewards points on the first 50000 you spend each calendar year then 1x.
Since the average credit-card interest rate is well over 17 APR paying your mortgage with a credit card and carrying a balance makes zero sense. While these are more commonly used for paying rent than mortgages some companies such as Plastiq accept certain cards for mortgage payments. Theres a card that can make it worth your while during a promo or when you have fee-free dollars.
Wells Fargo credit card holders may have more luck. If you were to use this option to pay a 2000 mortgage through Plastiq. While spending 1 can earn you one or two rewards points with most credit cards enrolling as a new customer can earn you 35000 to 50000 bonus points at one time if you spend a certain amount of money within the first few months of having the card.
This service offers a smart way to pay bills you cant normally pay with credit cards so you can earn rewards or score other credit card. Which credit card is best to pay your mortgage. Also you should be aware that not all credit card companies and mortgage lenders will allow you to use a credit card to pay off mortgage payments - so check with the relevant.
There are four primary ways you can try to use your credit card to pay your mortgage. It will often increase your credit utilisation ratio - which is something most people would usually want to keep low. When you make mortgage payments with a credit card that amount will essentially be moved to a credit card.
However using a credit card is likely to. You can buy money orders with a credit card and deposit them with your bank toward your mortgage payment for example. A sign-up bonus may be the best time to use a credit card to make a mortgage payment.
There are a couple of reasons why people might consider paying a mortgage with a credit card such as struggling to keep on top of your repayments or trying to qualify for a sign-up bonus on another credit card. Youre not actually paying your mortgage with a credit card rather youre funding an account with a credit card then sending those funds to your servicer via check a much more accepted form of payment. Some services act as a middleman by accepting your credit card payment then sending a check or ACH transfer on your behalf.
Once you save the payee information you can make your mortgage payment via Serve each month. Companies like Plastiq usually label this. If your credit card has a credit limit of 5000 and you make a 1500 mortgage payment your credit utilization ratio will shoot up to 30 on that card which can lower your credit.
Third party companies such as Plastiq allow you to make a mortgage payment to them using your credit card which they then pay to your lender in the form of a check or other transfer that is accepted as a method of payment.
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