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How do you make your mortgage loan
repayment? A common practice would be paying it with cash or just
writing a check payable to the lender. You may also direct your bank to
automate the transaction every month from your savings account.
How about credit card? Can you pay your
home loan with a credit card? Definitely you can.
How Can You Pay Mortgage Home
Loan with a Credit Card?
First, you have to identify the types of
cards acceptable to make a mortgage loan payment. If you have a
Mastercard, Visa or Discover, then you may use one of them to make the
payment.
When you choose a credit card to make
your payment, there is a trick where you can enjoy longer interest free
period. Pay with a credit card with billing date earlier than the
mortgage repayment due date. For example, if the mortgage payment due
date is 15 January, then you should choose to pay with the credit card
which billing date is, for instance, 13 January and not the one with
billing date on 20 January.
Get the necessary details ready when you
are about to go online and pay, including your lender's name, mailing
address, repayment amount, your account number with the lender. Then go
to chargesmart.com (Charge Smart) and select "Make a Mortgage Payment". Fill out all
the necessary information. Please also take note that the fee incurred
is declared in step 1.
It is not so wise to use credit card to
pay for your home loan if you cannot pay off your monthly due amount, as
this is an extra burden to you.
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