Can Mortgage Payments be Paid with a Credit Card?

Can I pay my mortgage with a credit card? This is a very common question that mortgage lenders frequently receive from borrowers. The answer is maybe. Most mortgage lenders do not accept a credit card as a form of payment. Borrowers are usually required to send a check for their monthly mortgage payment directly to their lender, or their lender withdraws the payment directly from the borrower’s bank account each month.

Can it be Done?
It’s possible to figure out a round-about way to pay monthly mortgage payments with a credit card. For example, some credit card companies offer a bill pay service that may allow you to send a payment to your mortgage company. However, many bill pay services will not process mortgage payments.

Why Would Anyone Want to Pay a Mortgage Payment with a Credit Card?
Three common reasons that homeowners want to pay their mortgage with a credit card are: 1) they want to earn travel points for their charges, 2) they want to earn other types of rewards points for their charges, or 3) they want to earn cash back for their charges. All of these are benefits that some credit cards offer.

The downside to the notion of charging your mortgage payments is that multiple mortgage payments on a credit card can easily put you close to or near your credit card limit. Also, if you don’t pay your credit card in full each month, you are looking at hefty interest payments that you will be required to pay.

Can’t Afford to Make Your Monthly Payment?
If you cannot afford to pay your monthly mortgage payment, putting the charge on your credit card is not necessarily a good solution. If you suspect that your negative financial situation might last for more than a month or two, it’s important to contact your mortgage lender and discuss your options.

Your mortgage lender might offer the opportunity for a forbearance. A forbearance is an agreement between you and your mortgage company that allows you to temporarily suspend or reduce your monthly mortgage payments for a specific period of time.

Should You Attempt Charging Your Mortgage Payment?
No matter the specifics of your situation, you should think twice about attempting to pay your monthly mortgage payments with a credit card. While it might seem like you can earn thousands of rewards points or cash back by paying with a credit card, the benefits are probably not worth the risk or the hassle.


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