{ "media_type": "text", "post_content": "Anyone using credit cards to pay their mortgages? Is it possible to get the processing fee of 2-3% waived off? Feels like am leaving a lot of money/points on the table by paying it through my checking.", "post_id": "61072647fafdc70020e6f9ea", "reply_count": 11, "vote_count": 1, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

Anyone using credit cards to pay their mortgages? Is it possible to get the processing fee of 2-3% waived off? Feels like am leaving a lot of money/points on the table by paying it through my checking.

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That's the reason there is a processing fee. Banks don't want to lose that 2-3%.

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If there wasn't a 2-3% fee or if there was a way to wave it, hundreds of thousands of people would be putting payments on credit card. The financially savvy would pay their balance in full each month and reap the benefits of CC rewards. However, many others would get themselves in serious financial problems. If CC payments were an option, your mortgage rate would probably just be higher to reflect the risk to the lender.

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"But most mortgage lenders won’t accept credit cards for a few reasons — they could lead to more defaults on mortgages by borrowers, and lenders don’t want to incur the 1-2 percent credit card fees for processing the payments, says Jonathan Duong, a certified financial planner and president of Wealth Engineers." https://www.mortgageloan.com/hacks-to-pay-your-mortgage-with-a-credit-card Look, you can do your own research and find multiple articles from which ever sources you trust that make the same points that I have. I honestly wouldn't be surprised if banks that do let you pay on CC with a few, probably already have slightly higher interest rates than their competitors. It probably only takes a fraction of a percent to mitigate the risk.

Paying with credit card is like borrowing loan from one to pay for another loan. This is like cash withdrawal from credit card. It is like getting at least one month interest free money. Why does the mortgage company has to pay money to collect their money from you? Now a days more and more organizations wants direct withdrawal from bank account, they want to prevent the hassle of handling credit card.

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