Does anyone have a mortgage company that will let you pay with a credit card? I want the rewards. I want to pay my mortgage and then turn around and pay off the card online. Good idea or not? Please explain.
2006-12-18 09:07:04 · 6 answers · asked by Speedracer 3 in Business & Finance ➔ Credit
I think it is important to point out that I have zero credit card debt. I have them for an emergenciy only. I would use the money for my mortgage to pay off the credit card during the grace period every month. I use a debit card for all other purchases. Debt to pay off debt? Technically yes, but not really. Still a bad idea?
2006-12-18 15:34:04 · update #1
I pay my mortgage on line and no they don't allow credit cards The only choice for online payments is my bank routing numbers. I wonder if they will allow you to use credit card over the phone? Some take phone payments. They might charge for the service though.
It would only work for you if you are very careful to pay the credit card bill right away. I really don't think the benefits outweigh the risk.
2006-12-18 09:13:42 · answer #1 · answered by PRS 6 · 0⤊ 0⤋
My mortgage company doesn't allow payment by credit card. I also find it doubtful that any would since it increases your debt, something lenders want you to avoid
Also, I don't think it's a very sound way to make your house payment, unless that payment NEEDS to be made. Then again, if the home and a generous credit card is all the debt you have, perhaps it can't hurt (in the short term). It's like playing with a loaded gun, figuratively speaking.
2006-12-18 09:09:57 · answer #2 · answered by Fire Millen 2 · 1⤊ 0⤋
not a bad idea if you're doing it because cash reward on credit card...... I get one percent back on purchases, two percent back on gas stations and groceries, and 3 percent back on amazon purchases (yes, it's an amazon chase card). so because 1% back, and in my case, I don't carry a credit card balance, I'd get 10$/month for every 1,000. some would say not worth it, but because I set up auto-payment on my mortgage, through my online banking site, one could just set the auto-payment to your credit card instead. for some people with a 2,000/month mortgage, it's 240$/year. Not much, but some people have better rewards on their cards, and even higher mortgages. Not sure if my bank will go for it though. Soon i will find out.
2016-05-07 11:12:46 · answer #3 · answered by Chris W 1 · 0⤊ 0⤋
Very very very bad idea. Your Greed Glands have swelled up too much and you may find yourself in trouble. I was thinking the way you are 5 years ago however, one of my financial mentors said.
"You can't pay debt with debt, it's the wrong psychology to have"
If you do that, then it means you don't value and respect money.
If you really want to get points, just get another credit card that gives you more points e.g American Express...
2006-12-18 09:10:10 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Why would you pay interest twice on the same money. There's a good reason why mortgage companies don't let you do that.
2006-12-18 09:14:57 · answer #5 · answered by ROBERT L O 4 · 0⤊ 3⤋
REALLY BAD IDEA!
2006-12-18 09:10:05 · answer #6 · answered by SHHH! 2 · 0⤊ 1⤋