For those who put mortgage on credit card...

[gracie1]

Who is your mortgage lender?? I currently have Countrywide and they do not allow you to pay with a credit card. I am refinancing to get a lower interest rate and will now have Bank of America. I am hoping they do this so that I can use my card (and pay it right off) so I can earn rewards!!

Does anyone have Bank of America and do this?

 

[jmartinez1895]

We have BOA and they do not allow you to this either. I do not know of anyone that will. I wish they would because I would love to rack up on Disney points using my chase card.

 

[Shanna-like-Banana]

We too have BoA and they do not allow CC payments .

I wished and hoped they would, nothing would be finer than all those points each month !

 

[DawnM]

I thought it was Citibank that allowed this. I seem to remember that being on an earlier thread.

We refinanced about 18 months ago. We couldn't use Citibank due to DH's job (his firm audits them so conflict of interest), however, we didn't find Citibank to offer the best rates anyway.

What are current rates? We got a 4.37% on a 15 year loan.

Dawn

 

[starry_solo]

It would be great if any bank would allow that, but I have never heard of it before. I doubt any lender would allow it because:

1. Your mortgage is secured by collateral (the house) so it is considered a secured debt;
2. A credit card is usually an unsecured debt.
3. Say you owed $40K on the mortgage and you had 40K available credit on your credit cards.
4. You could charge your remaining mortgage on all your credit cards (let's just say you had 10 credit cards at $4K credit limit). Then pay the minimum payment on each for a few months. Then, declare bankruptcy and wipe out all the debt on the credit cards. You'd have your home free & clear.

I'm pretty sure the lenders have figured that out!

 

[gracie1]

I thought it was Citibank that allowed this. I seem to remember that being on an earlier thread.

We refinanced about 18 months ago. We couldn't use Citibank due to DH's job (his firm audits them so conflict of interest), however, we didn't find Citibank to offer the best rates anyway.

What are current rates? We got a 4.37% on a 15 year loan.

Dawn

I remembered seeing a thread about paying a mortgage via credit card as well! Will BoA atleast let you pay online for free? Countrywide charges you to pay online so I still send in a check.
Also, I noticed BoA does have a rewards credit card that is linked to your mortgage. All the rewards go directly to the principal of your mortgage

 

[undertheradar]

I thought that Countrywide was no more, all loans were now BOA. We just received updates that BOA is changing the name of the mortgage corp. that bought Countrywide, still owned by BOA, just "shuffling" the corporate identity holding the loans.

 

[gracie1]

I thought that Countrywide was no more, all loans were now BOA. We just received updates that BOA is changing the name of the mortgage corp. that bought Countrywide, still owned by BOA, just "shuffling" the corporate identity holding the loans.

Countrywide did keep some of their customers...thats why I am still with them. I do like having them but will now be with BoA.

 

[Firefly09]

I remembered seeing a thread about paying a mortgage via credit card as well! Will BoA atleast let you pay online for free? Countrywide charges you to pay online so I still send in a check.
Also, I noticed BoA does have a rewards credit card that is linked to your mortgage. All the rewards go directly to the principal of your mortgage

Do you use online bill pay with your checking account? I set up my mortgage payment to go out automatically every month and it is free. This way I save the cost of the stamp and envelope as well! I recommend doing this so that you have more control as to when the payment is taken out of your account instead of letting the mortgage company withdrawal the payment.

 

[jmartinez1895]

When we first got our BoA morgage I looked at paying online on there site. It has been a while, but at that time they had a fee if you set a payment for a date tht was soon, but there was no fee if you set the ayment out a week or so. I pay online through my checking accounts online bill pay ( BBVA compass) and they do not charge any fees.

 

[disneychrista]

As far as I know you can not pay one form of credit with another form of credit.

You can't use a credit card to pay your car loan, home loan, etc, etc.

 

[sevans89]

I pay my mortgage online on BofA all the time. There is a tiered fee schedule where if you pay in the first x number of days of the month there is no fee, then there is a fee for the next y number of days and finally a higher fee for the final amount of days up until the end of your grace period.

I would also love if we could use a credit card to make the payment.

 

[Gina]

What irritates me is that you can't even use a debit card. Not that it matters anymore, with all the rewards going away, but that would have been a lot of Disney Reward dollars in my account if I had been able to do that all this time!

And while I get why you can't use a credit card, it doesn't make sense to me why you can't use a debit card since it's instantly coming out of the same account as if I had written them a check. You're not charging the payment -- if you don't have the money to write the mortgage company a check, you don't have the money to use the debit card either!

 

[starry_solo]

Wells Fargo doesn't let you pay via credit card. See:
https://billpay.wellsfargo.com/billpay/ws/howdoi/definitions.html

Make a Payment by Credit Card (Pay by Credit Card)

You can use your Wells Fargo consumer credit card, business credit card, or BusinessLine® account to make Bill Pay payments. Additional transaction fees and finance charges may be charged to your credit card account when you make a Bill Pay payment using a Wells Fargo credit card or BusinessLine® account. Notice of the additional transaction fees and finance charges will be displayed when you schedule the payment. You will then have the opportunity to cancel the payment or to use a checking account to fund the payment to avoid the additional transaction fees and finance charges.

You cannot use a credit card to make Bill Pay payments to other Wells Fargo credit products such as Wells Fargo Home Mortgage®, Wells Fargo Line of Credit or Wells Fargo credit cards.


Citibank/Citimortgage:
https://www.citimortgage.com/Mortgage/Home.do?page=bw_answercenter

Q: Can you draft from my credit card?
A: No. Major credit card vendors view this type of transaction as a “cash advance”, and customers could incur cash advance fees on each transaction and interest charges beginning on the transaction date. We are able draft most checking and savings accounts, including those accessed by a debit card or check card.



There is a "service" that allows you to pay via credit card, but that charges a 2.49% convenience fee. AND a $19.99/payment fee. Plus, I wonder if they charge it to your card as a "cash advance" in which case you incur additional fees.

 

[allyphoe]

Countrywide charges you to pay online

We had our mortgage through Countrywide, and it's now with BoA due to the buyout. Countrywide never charged us anything to pay online. BoA hasn't, either.

Are you sure it's Countrywide who has your mortgage? They didn't sell their mortgages to BoA - they sold themselves to BoA. There's no Countrywide left to have kept a mortgage. Even if you go to Countrywide.com, you end up at BoA.

 

[gracie1]

We had our mortgage through Countrywide, and it's now with BoA due to the buyout. Countrywide never charged us anything to pay online. BoA hasn't, either.

Are you sure it's Countrywide who has your mortgage? They didn't sell their mortgages to BoA - they sold themselves to BoA. There's no Countrywide left to have kept a mortgage. Even if you go to Countrywide.com, you end up at BoA.

You guys are right! What am I thinking I have American Home Mortgage. They went bellyup and were bought by Countrywide, then they went belly up and were bought by BoA, right? Anyways, my mortgage company went belly up but my loan is still with them, and its American Home Mortgage

 

[seashoreCM]

The main reason why a bank or mortgage company doesn't let you use a credit card to make the monthly payment is because the credit card company charges the receipient a commission.

When you are charged a convenience fee to use your credit card, this means that the recipient is passing the commission on to you.