Yes.. pay your mortgage with AMEX and earn rewards…
Just imagine the extra reward points you could earn if you paid your montly mortgage bill with a credit card. It’s probably not a good idea for everyone, but for the first time ever– American Express is offering just that. Now, you can have your mortgage payment charged to your credit card each month to prevent late payments and earn extra rewards.
Up until now, mortgage loans could not be paid with a credit card. Credit institutions have discouraged charging mortgage payments, since it could indicate a customer is in financial trouble. In what is considered to be a first for the credit card and mortgage industries, American Express announced that it will allow any of its charge or credit cardholders with a prime loan from their partner, American Home Mortgage, to charge their mortgage payments and earn reward points for doing so. According to spokesperson Christine Elliott, the company plans to add more lenders in the near future.
This is a terrific advantage for anyone who is able to pay off both their mortgage and credit card payments in full each month. The initial cost to qualified borrowers is $395 paid to the lender at closing, which will limit the value of this program to cardholders in the first year, but over time will reap big rewards.
American Express’ venture is limited to preauthorized cardholders who qualify for a new home purchase prime loan at American Home Mortgage. Qualified prime-loan borrowers may take out a variety of fixed or adjustable-rate first mortgage loans that don’t exceed $1 million, according to Mary Feder, a company vice president. Government loans, high loan-to-value mortgages and no and low-documentation loans are excluded. These accounts will be monitored each month before a mortgage payment is charged.
* See our complete list of American Express Credit Cards >>>