pay mortgage with a credit card

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                        =

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