You're Broke, But You Like Points? How to Pay Your Mortgage With a Credit Card (Without Crying Later)
Let's face it, adulthood is expensive. Bills pile up faster than tissues during allergy season, and that pesky mortgage payment is the king of the bill pile. But what if, my friend, what if there was a way to turn that frown upside down? I'm talking upside down like a bat hanging by its toes, because this might be a little wacky. Enter the glorious, terrifying, financially questionable world of paying your mortgage with a credit card.
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| How To Pay The Mortgage With A Credit Card |
Why Would You Do This? You're Not Nuts, Are You?
Hold on, hold on, before you call the men in white coats, hear me out. There's a reason people (slightly braver people than me) consider this. It all boils down to two magical words: reward points. Imagine swiping that plastic fantastic and racking up points towards that Hawaiian vacation you've been desperately needing (because adulting is stressful, you deserve it!). Sounds pretty sweet, doesn't it?
QuickTip: Pause when something clicks.
But here's the not-so-sweet part: mortgage payments are BIG. Like, whoa-big. And credit card companies? Let's just say they charge interest rates that could make a loan shark blush. So, if you're not careful, that Hawaiian dream vacation could turn into a financial nightmare in flip flops.
Tip: Read the whole thing before forming an opinion.
Okay, I'm Intrigued. How Does This Work Anyway?
Don't most mortgage companies look at you like you have three heads if you try to hand them a credit card? Bingo! They usually don't accept them directly. But fear not, there are a few workarounds:
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- Third-party payment services: These clever companies act as the middleman. You pay them with your credit card, and they send a check or electronic payment to your mortgage servicer. Just be prepared to pay a fee for their service (because hey, nobody works for free).
- The money order shuffle: This one's a bit more manual. You use your credit card to buy a money order, then send that to your mortgage company. Just make sure your credit card company allows money order purchases (not all of them do).
Important Note: Before you go all credit card happy, check with your mortgage servicer. Some have restrictions on how you can make payments, so it's always best to be safe than sorry.
Tip: Stop when you find something useful.
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Is This a Recipe for Financial Disaster or a One-Way Ticket to Rewards Paradise?
Honestly, it depends. Here's the truth, unvarnished and sprinkled with glitter:
- You gotta pay that credit card bill in FULL every month. Interest on credit cards is a bloodsucking monster. Don't let it turn your rewards into dust.
- The fees can eat into your rewards. Those third-party services charge fees, and money orders might come with a purchase fee too. Make sure the reward points outweigh the cost.
- Not all cards are created equal. Some cards have rewards specifically for certain categories (like travel), so pick the card that works for you.
The Final Verdict: Is it Worth It?
Look, this isn't for everyone. If you're already struggling to make ends meet, stay away from the credit card. But if you're a budgeting ninja with a rewards card that offers points on everything from groceries to gas, it could be a way to strategically score some sweet rewards while chipping away at that mortgage. Just remember, responsibility is key.
So, the choice is yours. Will you play it safe or take a calculated risk (with a hefty dose of caution)? Just don't come crying to me if you end up knee-deep in debt instead of ankle-deep in Hawaiian sand.
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