How can you actually pay mortgage by credit card?

Can you pay your mortgage by credit card is a usual confusion that comes in most of the borrower’s minds who wish to buy a house? Hence, most of the time buyers who intended to buy a house have a couple of questions. Whether it is related to your credit scoring or about the mortgage payment options. Obviously, you can pay the mortgage by credit card as well.

But if you actually want more clarification than consulting, a lender will be the best. They will guide you in the best possible way about the mortgage payments. But do you know several lenders do not accept credit card payments? As many lenders have some sort of doubt when it comes to credit card payment. However, paying a mortgage by credit card will cost you a lot.

So, you need to be very cautious while paying a mortgage by credit card.

However, it’s your personal choice, and it’s your credit card but if Can you pay your mortgage by credit card, then you have to do some research and find out some companies who accept credit card payments (debt to debt) and numerous factors are there which you need to include like the terms and conditions of the card issuer, the lender/broker and your credit card network whether it's an American Express, Visa or MasterCard, etc.

Obviously, it’s a third-party service so there will be some roadblocks as well. However, are you sure that it’s the right path?

American express and visa don’t enable at present to Can you pay your mortgage by credit card. But you can use other alternatives that are “plastic” it's a third-party service that allows paying the mortgage by credit card. Consequently, you need to pay a fee to plastiq which is somewhere between 2.85% of the mortgage charge each time while using your credit card service. After that, plastiq provides digital payment to the lender. Accordingly, it’s up to the lender whether he accepts it or not. Hence, if the lender approves the payment, then the transaction gets approved after a small inquiry.

After that, it’s up to you whether you want to pay by hand or wish to go for automatic payments. Hence, you additionally hold an option to make a one-time payment.

According to us, this is the best way to pay back the amount of your credit card (the amount which you have acquired), and do not forget to add the processing fee here. Consequently, if you had won some reward on your credit card, then you will definitely earn rewards whenever you pay or purchase anything from your credit card.

Conclusion

If you are confident that you can pay back the amount then you can choose to go with paying the mortgage by credit card. If your budget is not hampering or you are gaining rewards on your credit card, then I think it’s worth paying the mortgage by credit card.

However, if you are already using an extensive amount of your credit card limit, or you are tight on your budget or bills, using a credit card to pay the mortgage is not a sensible decision. You might end up hurting your credit scores and who knows you might strain your budget over a long span of time if you are unable to pay back your credit card bill on time.

If you have additional income sources, then it can reward you for using a credit card for an extensive amount. You will earn some credit card rewards. But if you didn’t pull off your credit card bills then it can be a dangerous situation for you.