![]() |
|
![]() | ||
|
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?? |
![]() | ||
|
There is no answer at this time. |
![]() | ||
|
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. |
If you feel that you have found inappropriate content, please let us know by emailing us at answers-support@google.com with the question ID listed above. Thank you. |
Search Google Answers for |
Google Home - Answers FAQ - Terms of Service - Privacy Policy |