Go to Jeff Salisbury LWGate Home Page.From: BOB FORD <BOB_FORD@compuserve.com>
Subject: pay mortgage with a credit card
Date: Mon, 4 Jan 1999 10:28:37 -0500
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>Date: Thu, 31 Dec 1998 17:21:15 -0500 >From: "Michael T. Nolan" <mtn@his.com> >Subject: Pay mortgage with Rebate Card? = >Does anyone out their have or heard of a mortgage lender who >allows them to pay their mortgage with a credit card, especially a >rebate card? Michael It is very unlikely that you will find a mortgage lender that will let you pay your house payment with a credit card. 99 percent of mortgages are sold by the company that makes the loan. When these loans are sold, they are sold as loans with a certain yield, for example 7 percent. If the loan owner accepts payment with a credit card, that yield become smaller as the most credit card companies do not pay the full amount of the credit card charge. Oddly, when I create a mortgage/trust deed in my real estate investments I insist that the payements be made with a credit card. I just add a 1/8= point = to the interest rate to cover the amount the credit card companies deduct= s when they pay me. When the owner pays with a credit card, they never hav= e to worry about a late fee. I never have to worry about getting paid on time = either. If the home owner has a month where they are short of money they= can = make their home payment over time as they pay their credit card bill. The= y can get frequent flier miles or a rebate depending on the type of card they have. It is a win win situation for everyone. BOB FORD BOB_FORD@COMPUSERVE.COM http://ourworld.compuserve.com/homepages/BOB_FORD/ VOICE 714-637-8877 FAX 714-637-2955 = Editor of the 57-56-55 CHEVY LIST and TURBOGLIDE REGISTRY - -
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