topic Re: What fees/costs can you put on a credit card when closing on a home? in Mortgage Loans

What fees/costs can you put on a credit card when closing on a home?

Anonymous — Mon, 29 Jun 2015 02:22:39 GMT

I am about to submit an offer on an investment property and would like to know what I can put on my card to get some rewards points. I believe the whole down payment is a direct wire from an account, but what other fees or costs associated with closing on a house can be paid with a card?

Re: What fees/costs can you put on a credit card when closing on a home?

StartingOver10 — Mon, 29 Jun 2015 02:50:52 GMT

Appraisal fee, inspection fees and maybe insurance. Otherwise it is only cash from your bank if you are paying your own closing costs.

Re: What fees/costs can you put on a credit card when closing on a home?

mynameainttracy — Mon, 29 Jun 2015 10:40:43 GMT

We were able to do initial credit pull fee and appraisal.

Re: What fees/costs can you put on a credit card when closing on a home?

Anonymous — Mon, 29 Jun 2015 11:45:43 GMT

@Anonymous wrote:
I am about to submit an offer on an investment property and would like to know what I can put on my card to get some rewards points. I believe the whole down payment is a direct wire from an account, but what other fees or costs associated with closing on a house can be paid with a card?

You get only one opportunity to use your credit card to pay expenses. At the beginning, after receiving the preapproval, my LO asked for the credit card number I'd like to use to pay for the application fee. The application fee was the appraisal fee in my case and they didn't charge my card until the appraisal was ordered. I don't see any other chances to use a credit card to pay for anything else. Only the accounts that is listed as your assets can be used to pay for downpayment and closing costs.

Re: What fees/costs can you put on a credit card when closing on a home?

StartingOver10 — Mon, 29 Jun 2015 15:03:05 GMT

Appraisal fees are typically in the application fee. Occasionally they are paid directly to the appraiser. Inspection fees are entirely separate and most of my buyers pay with a credit card. Inspection fees are not considered part of your closing costs but you definitely want to have the inspections done as part of your purchase. Hazard insurance is a maybe. Depends on your lender's procedure.

Re: What fees/costs can you put on a credit card when closing on a home?

ezdriver — Mon, 29 Jun 2015 18:27:30 GMT

@Anonymous wrote:
I am about to submit an offer on an investment property and would like to know what I can put on my card to get some rewards points. I believe the whole down payment is a direct wire from an account, but what other fees or costs associated with closing on a house can be paid with a card?

If its a commercial transaction, what you put on your credit card is up to you and the seller. If its a residential purchase transaction, then the rules for source of funds to pay for items are more restrictive. If its a cash deal, then you have no lender to worry about.

Re: What fees/costs can you put on a credit card when closing on a home?

Anonymous — Mon, 29 Jun 2015 20:10:52 GMT

Usually you can only bank on the appraisal fee.

Re: What fees/costs can you put on a credit card when closing on a home?

wendlan — Tue, 30 Jun 2015 00:43:25 GMT

My LO wanted cc for appraisal and reappraisal fees. probably could have charged the inspection too.