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Credit card offer for 4.99 for the life of the transaction Should you use the credit card checks to pay off a second mortgage of 12900 at 8.73?
Wiki User
∙ 16y ago
Generally it is not a good idea to use a credit card to pay off a mortgage, but the difference in interest rates makes this worth at least a look.
Here are factors you should consider:
1. The monthly payment may be higher on the credit card, even though the interest rate is higher. That's because the amortization schedule could be much shorter. If an increase in payment amount would be a problem for you, then this could be a deal breaker.
2. Check the fine print to make sure the 4.99% rate cannot increase, even if you make additional charges later or are late with a payment. Many credit card agreements allow them to change the terms even if you are only one day late on one payment. You could set up an automatic monthly payment from your checking account or other source to avoid the late payment - but check this carefully.
3. Even at a lower rate, you might wind up paying much more interest in the long run if you are making only minimum payments.
4. The interest expense on the credit card will not be tax-deductible, whereas the interest expense on your mortgage is likely deductible.
5. You are giving up available credit that you might need later. Consider whether you have other sources of cash or credit in case of an emergency, etc.
Hope that's helpful.
Wiki User
∙ 16y ago
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If you are asking for different bids on a mortgage loan does it affect your credit?
If you have them run all of your credit checks within a fifteen day period it only counts as one hit against your credit.
Can i sue the ex for using my credit to refinance her mortgage?
The note and mortgage must be signed by the owner of the property. The lender checks the credit record of the person who signs the loan application. If you didn't sign the loan application then you are not responsible for paying the loan and your credit isn't affected.
How do you pay your mortgage with a credit card?
No mortgage company directly accepts credit card payment, only debit cards. Historically, you could only use your cash advance checks to pay your monthly mortgage bill with a credit card. However, just launched this year, two companies are allowing direct payment.
What companies offer instant mortgage quotes?
There are a number of companies which will offer instant online mortgage quotes including Nationwide, Barclays and LLoyds TSB in the UK. However, to actually be approved for the mortgage credit checks will have to occur.
Can old cancelled checks be put in the trash?
Yes, but for good measure you should rip them to make them fully void of transaction.
Are there any subdivisions in this area that doesn't conduct credit checks!?
All the subdivisions run a credit check to do any significant transaction. In fact, even employers do a credit check to provide employment.
If you are asking for different bids on a mortgage loan does it affect your credit?
If you have them run all of your credit checks within a fifteen day period it only counts as one hit against your credit.
Can i sue the ex for using my credit to refinance her mortgage?
The note and mortgage must be signed by the owner of the property. The lender checks the credit record of the person who signs the loan application. If you didn't sign the loan application then you are not responsible for paying the loan and your credit isn't affected.
How do you pay your mortgage with a credit card?
No mortgage company directly accepts credit card payment, only debit cards. Historically, you could only use your cash advance checks to pay your monthly mortgage bill with a credit card. However, just launched this year, two companies are allowing direct payment.
What companies offer instant mortgage quotes?
There are a number of companies which will offer instant online mortgage quotes including Nationwide, Barclays and LLoyds TSB in the UK. However, to actually be approved for the mortgage credit checks will have to occur.
.Which is not transaction?
Send the written checks
Can old cancelled checks be put in the trash?
Yes, but for good measure you should rip them to make them fully void of transaction.
What is the phrase 'credit checks' in Romanian?
Verificarea creditului is a Romanian equivalent of 'credit checks'.
What state is the national mortgage settlement checks coming from?
The National Mortgage settlement has been reached and checks are being mailed out as of June 13th 2013. The information on these checks have been withheld to prevent fraud.
Where can one carry out online credit checks?
Online credit checks are done with the major credit reporting bureaus. Trans Union, Equifax, and Experian. Credit checks can also be done with several of the major credit card companies.
Does Office Depot do credit checks on employees?
Does office depot do pre employment credit checks
What companies offer credit cards with no credit checks required?
There are many prepaid credit cards that a person is able to buy without credit checks. But if a person wished to buy a "normal" credit card such as VISA there is a company called Credit Federal that requires no credit checks to purchase a credit card.
