Can You Pay Your Mortgage By Credit card-Is it worthwhile?

Credit cards are exceptionally useful these days and who doesn't want to avail the benefits of using a credit card. However, many borrowers want to pay their mortgage with a credit card but the key question arises, can you pay your mortgage by credit card? Or what are the consequences that you may face while making mortgage payments with a credit card? There is a third-party service provider called plastiq that enables you to pay off your mortgage with a credit card.

However, if you are planning to pay your mortgage by credit card, you must be aware of the consequences. As you might end up falling into a cycle of paying off your debts and this is a tremendous risk as well. Even the majority of lenders don’t approve third-party payments because credit cards have interest rates, which are higher. Thus, let’s talk about can you pay your mortgage by credit card?

Can you pay your mortgage by credit card? Is it worthwhile?

Mortgage lenders usually don't accept the payment of credit cards. But there is a way to do so “plastiq, a third-party company that enables the borrowers to pay their mortgage with the credit card but plastiq charges high processing fees of 2.5% from your credit card. However, before using and making mortgage payments from plastiq, it’s important for you to know your lender is willing to accept that you are paying your mortgage by credit card. As might be, your lender is not accepting the fact to borrow extra debt in order to pay off your current debts. 

Even if your lender allows the credit card payment, you might fall under a cycle where the credit card issuer doesn't allow you to make the payment with the help of a credit card because of the risk factor. Still, if you have made your mind to use a third-party service, you must know that every issuer doesn't work with every service provider that eases these things. Let’s say, the master card supports plastic but Visa doesn't support plastiq.

Quick conclusion on can you pay your mortgage by credit card

Normally, mortgage firms don't accept credit card payments in order to pay off your mortgage.  Because you are acquiring additional debts by jumping into the high-interest debts. However, if you want to do it, you need to use a third-party company, but they charge higher fees. It’s better to do some research before actually doing it. As you must be aware of the consequences of can you pay your mortgage by credit card or not?

In several cases, people pay with their credit cards to save themselves from the late fees. You should know that you can even avail the benefit of the grace period from your mortgage contract instead of raising your credit usage. And, if you are already facing some issue regarding can you pay your mortgage by credit card, it would be better for you to take some professional help and ask them before using third-party services. 

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