Can you pay your mortgage by credit card easily?

 Can you pay your mortgage by credit card? This question might come in everyone’s mind. 

It's feasible, but it'll probably cost you. How do you go about it? What is the price? And when is it worthwhile to do so? This page will answer all of your mortgage payment billing questions. 

Credit card payments are not accepted directly by mortgage lenders. If you have a Mastercard or Discover card, you may be able to pay your mortgage with a 2.85 percent fee through Plastiq, a payment processing service. 

Because of the cost, most people will find that paying their mortgage using a credit card is not worth it most of the time.

Is it important to Pay Your Mortgage With a Credit Card?

Let's go over each of the four reasons why you might wish to pay your mortgage with a credit card and see if they're viable options. Know the solution of can you pay your mortgage by credit card. 

To obtain awards 

Sign-up bonuses and continuing benefits are the two main categories of credit card rewards. A sign-up bonus may provide you with $300 cash back if you spend $3,000 in your first three months as a cardholder. Ongoing incentives may give you 2% back on all purchases, including those made to receive the sign-up bonus.

Assume your monthly mortgage payment is $1,000. You'll lose $28.50 if you pay a 2.85 percent fee to make that payment. Nonetheless, you may be able to come out ahead in one of the following scenarios: 

On this payment, your credit card provides continuous cash back (or the equivalent in points or miles) of 3.0 percent or more. 

Your credit card company does not consider the charge from the third-party payment processor to be a cash advance. Cash advances usually come with fees and always start accruing interest right away, with an average interest rate of 24.8 percent in 2020.

Receiving sign up bonus 

Read the fine print in your credit card agreement to learn about your card's cash advance terms. If everything appears to be in order, proceed to make a modest test purchase through the payment processor prior to completing your full mortgage payment. 

When you think can you pay your mortgage by credit card, so it might be complicated. With a mastercard or discover card, you can do this. 

As well as, You'll receive a sign-up bonus worth more than the processing cost, which you wouldn't be able to obtain through normal spending. This may be the most convincing reason to pay your mortgage with a credit card once or twice.

You'll gain some additional credit card advantage from the transaction that is worth more than the charge, something you wouldn't be able to earn through normal spending. You might try to acquire airline status, hotel status, a free hotel night, or a free plane ticket for a companion.

Obtaining interest 

If you do not have any credit card debt, you enjoy an interest-free grace period of around 21 to 25 days between the day your credit card statement is issued and the date your payment is due. 

Taking advantage of this grace period by putting your money in savings (where it earns interest) until your credit card's due date could net you a few dollars extra over the course of a year. It is not a bad idea to use credit to buy purchases that you would have made anyhow, as long as you never miss a payment and never carry a balance.

Earning interest 

Knowing the reason of can you pay your mortgage by credit card can get resolved. Even paying from MasterCard can benefit you in earning interest.

If you do not carry a credit card debt, you have an interest-free grace period of around 21 to 25 days between the day your credit card statement is printed and the date your payment is due. 

Taking advantage of this grace period by holding your cash in savings (where it earns interest) until your credit card due date could earn you a few additional dollars over the course of a year. It's not a bad idea to use credit to make purchases you were planning to make anyway, as long as you never miss a payment and never carry a balance.

In order to prevent foreclosure 

To avoid foreclosure, pay your mortgage with a credit card, which is an extension of the previous approach. It's normal to want to do whatever to stay in your house.

 Nonetheless, if you're so far behind on your mortgage payments that you're facing foreclosure—a process that your lender can't start until three to six months after your late payment, depending on where you live—your financial situation is probably so precarious that adding credit card debt to your problems isn't in your best interests. It is preferable to consult with your lender and a housing counsellor about a plan to avoid foreclosure.