topic Re: paying closing costs with Credit cards? in Credit Cards

paying closing costs with Credit cards?

bigblue7722 — Thu, 12 Mar 2015 01:02:58 GMT

Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.

Re: paying closing costs with Credit cards?

Open123 — Thu, 12 Mar 2015 01:04:36 GMT

@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.

If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.

Re: paying closing costs with Credit cards?

Anonymous — Thu, 12 Mar 2015 01:05:18 GMT

@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.

Never heard of this before. I'd like to know as well

Re: paying closing costs with Credit cards?

Anonymous — Thu, 12 Mar 2015 01:06:38 GMT

@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.

It's not that it's explicitly verboten. It's that underwear begin looking like tug o war rope when it's mentioned.

Re: paying closing costs with Credit cards?

Open123 — Thu, 12 Mar 2015 01:08:31 GMT

@Anonymous wrote:
@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.
It's not that it's explicitly verboten. It's that underwear begin looking like tug o war rope when it's mentioned.

I'm just going to start advocating everyone pay the 3% processing fees rather than trying to circumvent it.

Re: paying closing costs with Credit cards?

Anonymous — Thu, 12 Mar 2015 01:10:50 GMT

@Open123 wrote:
@Anonymous wrote:
@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.
It's not that it's explicitly verboten. It's that underwear begin looking like tug o war rope when it's mentioned.
I'm just going to start advocating everyone pay the 3% processing fees rather than trying to circumvent it.

Still a great way to meet spend bonus

Re: paying closing costs with Credit cards?

bigblue7722 — Thu, 12 Mar 2015 01:11:02 GMT

@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.

Does the closing cost money go to my lawyer then he pays it or does it go straight to the lender/mortgage company? The lender allowed me to pay for the apprisal via credit card.

Re: paying closing costs with Credit cards?

Open123 — Thu, 12 Mar 2015 01:13:43 GMT

@bigblue7722 wrote:
@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.
Does the closing cost money go to my lawyer then he pays it or does it go straight to the lender/mortgage company? The lender allowed me to pay for the apprisal via credit card.

Unless your attorney is also a Mortgage broker, this is usually the spread retained by the lender/mortgage to compensate the broker. If you had gone directly, it's the spread the lender will keep for itself.

Re: paying closing costs with Credit cards?

Anonymous — Thu, 12 Mar 2015 01:20:20 GMT

Much as I am an advocate of "other" methods, I've been in closings where a cashier's check was required. (And others were a personal check was ok)

Re: paying closing costs with Credit cards?

bigblue7722 — Thu, 12 Mar 2015 01:22:53 GMT

@Open123 wrote:
@bigblue7722 wrote:
@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.
Does the closing cost money go to my lawyer then he pays it or does it go straight to the lender/mortgage company? The lender allowed me to pay for the apprisal via credit card.
Unless your attorney is also a Mortgage broker, this is usually the spread retained by the lender/mortgage to compensate the broker. If you had gone directly, it's the spread the lender will keep for itself.

yes i went directly to the lender not thru a broker.

Re: paying closing costs with Credit cards?

Anonymous — Thu, 12 Mar 2015 01:28:34 GMT

@bigblue7722 wrote:
@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.
Does the closing cost money go to my lawyer then he pays it or does it go straight to the lender/mortgage company? The lender allowed me to pay for the apprisal via credit card.

It may vary somewhat by state, but in my experiance all monies due from the buyer (and seller if applicable) go to the settlement agent, who then disburses said money to parties indicated on the HUD-1 at closing.

Some expenses such as apprasial, insurance, origination, points, survey, etc can get rolled in to closing, other times some or all of those parties can be paid seperately before closing. It can vary by local customs and sometimes just by choice of the buyer.

Settelment agents usually only take guaranteed funds for closing (wire transfers, certified checks, etc), usually not credit cards. I have seen exceptions made if the dollar amount is under a certain limit. The settlement agent I worked with when I bought my house accepted personal checks if the balance due was under $1000 (still no credit cards).

Re: paying closing costs with Credit cards?

_sidhe_ — Thu, 12 Mar 2015 04:35:32 GMT

As someone who handles real estate transactions for the closing agent, I can say I have never seen anyone be allowed to use a credit card to pay loan costs. We only accept certified funds so that we can put the funds in our escrow account and disburse to pay the lender their funds (escrow, origination, flood cert., credit report, daily interest, etc.), payoff of Seller's deed of trust, recording fees, attorney fees, funds due to borrower, etc. The funds are immediately available to us, and I'd assume there would be a risk of a client claiming fraud with a credit card company. The only exciting have ever seen was a client was allowed to use a personal check to pay closing costs, but the client makes $47,000 PER MONTH (almost {Mod cut} when I saw the loan application).

Re: paying closing costs with Credit cards?

kdm31091 — Thu, 12 Mar 2015 03:43:31 GMT

I'm pretty sure it has to be a cashiers check or some such. Never heard of a credit card being allowed.

Re: paying closing costs with Credit cards?

kjel — Thu, 12 Mar 2015 03:47:16 GMT

@Anonymous wrote:
@bigblue7722 wrote:
@Open123 wrote:
@bigblue7722 wrote:
Im closing on my first ever home april 20th if all goes well. I have about 2k in closing costs i have to pay out of pocket. Is there anyway to do it? I would live to get some miles out of it.
If your lender doesn't allow for CC payments directly, then any other method, I assume wouldn't be allowed to be...er...mentioned on here.
Does the closing cost money go to my lawyer then he pays it or does it go straight to the lender/mortgage company? The lender allowed me to pay for the apprisal via credit card.

It may vary somewhat by state, but in my experiance all monies due from the buyer (and seller if applicable) go to the settlement agent, who then disburses said money to parties indicated on the HUD-1 at closing.

Some expenses such as apprasial, insurance, origination, points, survey, etc can get rolled in to closing, other times some or all of those parties can be paid seperately before closing. It can vary by local customs and sometimes just by choice of the buyer.

Settelment agents usually only take guaranteed funds for closing (wire transfers, certified checks, etc), usually not credit cards. I have seen exceptions made if the dollar amount is under a certain limit. The settlement agent I worked with when I bought my house accepted personal checks if the balance due was under $1000 (still no credit cards).

The title company acted as settlement agent for my home purchase and required certified funds, aka a bank check. Although I know you'd like to meet your spend, this is probably not the time or way to do so. Assuming that you are moving into a new place, you are going to have plenty of expenses in moving and setting up your new house

Re: paying closing costs with Credit cards?

takeshi74 — Thu, 12 Mar 2015 12:07:12 GMT

@bigblue7722 wrote:
Is there anyway to do it? I would live to get some miles out of it.

Maybe with BT checks deposited to your own bank account but you won't get miles with those.