Mortgage Payment By Credit Card – If you want to pay off your home loan directly with a credit card, you may have to jump through a few hoops. Although mortgage operators do not accept credit cards directly, there are third party services and solutions that you can take advantage of. But even if possible, fees and high interest rates can make using a credit card a bad choice.
Although all four options listed above are potential ways to use your credit card, this does not mean that it is a good idea.
Mortgage Payment By Credit Card
There are two main reasons people use a credit card to pay their mortgage: either they want to get credit card rewards, or they can’t pay their taxes.
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The high fees and other disadvantages of paying off a home loan with a credit card mean that it is a bad idea for many people. If you’re trying to avoid paying a mortgage, using a credit card as a deferral may be an option, but you’ll want to explore other options first. Otherwise, you may end up with a lot of high interest debt.
If you are struggling to make your mortgage payments, you may be eligible for a number of relief and assistance programs. You can try:
Mortgage lenders are often reluctant to clean up and want to work with the borrower to avoid this outcome. Some plans or options may cost money, but they are likely much cheaper than the fees and interest you would incur if you used a credit card to pay your mortgage each month.
It’s also a good idea to check your credit while you pay your taxes. If you have a good payment history and a high credit score, you can refinance your loan to lower your interest rate, lower your monthly payment, or get cash out. You can check your credit report for free and sign up for a free FICO® Score☉ screening.
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You can technically pay your taxes with a credit card, but that doesn’t mean it’s a good idea.
Cynthia Paez Bowman is a financial, real estate and international business journalist. In addition to Bankrate.com,
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