Hey everyone,
I’m curious about using credit cards to pay off my home loan. Specifically, I’ve heard some buzz about the BILT card. Has anyone in our community tried it out with Union Home Mortgage?
I’m wondering about a few things:
If you’ve got any firsthand experience or know someone who has, I’d love to hear about it. Thanks in advance for any insights!
I’ve looked into using credit cards for mortgage payments, and while it sounds tempting, there are some important considerations. Most lenders don’t accept direct credit card payments due to processing fees. The BILT card is unique in allowing this, but it’s crucial to read the fine print. Even if it’s possible, you need to weigh the rewards against potential interest charges if you can’t pay the full balance. Remember, credit card interest rates are typically much higher than mortgage rates. Also, using a large portion of your credit limit could negatively impact your credit score. Personally, I’d be cautious. Unless you’re absolutely certain you can pay off the card balance immediately, the risks might outweigh the rewards. It’s often safer to use more traditional methods for mortgage payments.
I’ve been pondering this too!
Are you concerned about the impact on your credit score, or do you think it’s manageable? I’d really love to hear if the rewards offset extra fees. What experiences guided your choice?
hey, i tried the BILT card with my mortgage. it works, but watch out for fees. rewards are decent, but not amazing. process was okay, took some setup. make sure u can pay it off each month or interest will kill any benefit. just my 2 cents!