Why Won’t Lenders Let You Pay Your Mortgage With a Credit Card? Simply put, it costs lenders money to accept credit cards. due to interchange fees that exchange hands when a credit card is processed, most banks don’t want to incur the costs required to run a credit card for a mortgage payment. . Typically, it is not normal for a lender – be it the government, a private bank, credit union.
You can pay a mortgage with a credit card – just not directly. Lenders typically prohibit people from paying off debt with more borrowed money because it’s a risky practice that can’t be sustained for long. For all your mortgage provider knows, you might be paying with plastic because you don.
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Find out why it's a bad idea to charge your mortgage payment to your credit card. Even earning rewards on the transaction won't help you come out ahead.
How We Paid Off Our Mortgage With a Credit Card. 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. In our case, we used a service called plastiq to pay our mortgage off.
· Holly and Greg Johnson finished paying off their mortgage with a credit card and took their family on a Mediterranean cruise with the $2,000 they made in rewards.
· (You can use this credit card payoff calculator tool to learn more about how long it may take to pay off your credit card debt.) In fact, going ahead and paying the mortgage.
According to the Journal, Kraninger said the study focused on use of Block’s prepaid credit card “during tax-return season.
Yes, you can pay a mortgage with a credit card – just not directly. Lenders typically prohibit people from paying one debt with more borrowed money because it is a risky practice that cannot be sustained for long.
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While you can find a mortgage or auto loan with an APR in the mid-single-digits, that’s simply not likely to be the case with credit cards. The average credit card APR in the U.S. is roughly 17.5%,
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