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Q: mortgage payment by credit card ( No Answer,   5 Comments )
Question  
Subject: mortgage payment by credit card
Category: Business and Money
Asked by: mdmdm-ga
List Price: $4.50
Posted: 16 Feb 2005 11:58 PST
Expires: 18 Mar 2005 11:58 PST
Question ID: 475583
How can you arrange to pay your mortgage by credit card so you can get
frequent flyer miles??
Answer  
There is no answer at this time.

Comments  
Subject: Re: mortgage payment by credit card
From: mbalji-ga on 17 Feb 2005 13:00 PST
 
Mortgage is considered another Credit Account,
I believe that Credit Card Companies have a "So called Law" that you
cannot pay off one credit using a credit card except if you take a
cash advance to pay off. Its makes sense from a Business point of view
as Cash Advance will start generating Revenue for them right away.
Subject: Re: mortgage payment by credit card
From: dancingbear-ga on 17 Feb 2005 13:22 PST
 
Call your mortgage comany and see if they accept credit cards as a
form of payment- I believe many do.  Short of that many credit cards
issue "Checks" that allow to write them for any payment you need-
often at very low interest rate- but these are not ususally connected
to cards that award miles.
Subject: Re: mortgage payment by credit card
From: marsh1-ga on 19 Feb 2005 18:31 PST
 
It would be unusual for a mortgage company or bank  to allow payment
with a credit card.  Simply it is that the payment is discounted just
as any other merchant that accepts mastercard/visa payment for a good
or service.  In oter words they may only receive 98 cents per dollar
on a payment by credit card. Credit card access checks aka convenience
checks also charge a fee.
Subject: Re: mortgage payment by credit card
From: asweetangel99-ga on 20 Feb 2005 17:14 PST
 
fyi-i am not a google researcher. I work at a large nationally known
mortgage company. Speaking from industry experience, lenders will not
allow you to pay your secured debt (mortgage) with an unsecured form
of debt (credit card). In the event you defaulted on the loan, or
filed bankruptcy, and your credit card debt was forgiven, the lender
would loose out on the money used to make your mortgage payment. You
could get a cash advance from the credit card and transfer the cash
into your checking account then write a personal check; however, you
would need to check with your specific lender for rules. The company i
work for doesnt take those convienience cash advance checks that the
credit card companies often give. (We return them via mail to the
customer) because, again, its the same thing, although the payment is
being made "via check" the funds are tied to the credit card which is
unsecured. Also, you will want to avoid making a phone payment with
the direct debit method using a credit card or checking debit using
the account/routing numbers from the convinience checks as well. THose
will also get "rejected" if this type of payment is not allow.
Subject: Re: mortgage payment by credit card
From: asweetangel99-ga on 21 Feb 2005 10:39 PST
 
i wanted to add a supplemental tidbit here... SOME companies do allow
this. One of my friends lenders lets him pay with the credit card to
get the miles. but like i said, its industry standard (for the most
part) that this is not allow. You should check with YOUR LENDER to
make sure its ok.

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