Paying Mortgage Thread Ideas
Jul 5, 2016, 10:29 pm
#1
Original Poster
Join Date: Jul 2016
Posts: 33
Paying Mortgage Thread Ideas
Newish to the forum, apologies if this has been already talked about in length, but I did a search and did not find anything 'recent'. And I mean recent because the recent lockdowns on Gift cards and such, making MS much more difficult.
But one thing I'm sure many of us have in common are mortgages. I pay ~$2k a month via direct deposit. I toyed around the idea of Plastiq or TIO, but everytime I get close to signing up, I read a series of negative horror stories of people whose checks went missing or never event sent the check out to the bank and now are getting their credit scores pummeled and months of headache sorting it out.
Does anyone out there have any other ideas or suggestions on knocking out several $100k's worth of spend with little fee i.e. 3% or less?
Can anyone attest to the customer service or personal experience of using the payment services i.e. TIO or Plastiq?
Thanks!
But one thing I'm sure many of us have in common are mortgages. I pay ~$2k a month via direct deposit. I toyed around the idea of Plastiq or TIO, but everytime I get close to signing up, I read a series of negative horror stories of people whose checks went missing or never event sent the check out to the bank and now are getting their credit scores pummeled and months of headache sorting it out.
Does anyone out there have any other ideas or suggestions on knocking out several $100k's worth of spend with little fee i.e. 3% or less?
Can anyone attest to the customer service or personal experience of using the payment services i.e. TIO or Plastiq?
Thanks!
Jul 5, 2016, 10:53 pm
#2
FlyerTalk Evangelist
Join Date: Jul 2008
Location: IAH
Programs: DL DM, Hyatt Ist-iest, Stariott Platinum, Hilton Diamond
Posts: 12,788
I've never explored paying my mortgage this way, partly because it's only $1k/month and also because I get an annual rebate from Chase by having my mortgage payment direct debited from my Chase checking account. Risk/reward isn't in my favor by effing with that. Every once in a while I'll make an additional principal payment and to do that I'll buy a $1000 money order with my Suntrust debit card and pay with that.
Jul 6, 2016, 2:59 am
#3
Join Date: Sep 2014
Posts: 1,837
I've never explored paying my mortgage this way, partly because it's only $1k/month and also because I get an annual rebate from Chase by having my mortgage payment direct debited from my Chase checking account. Risk/reward isn't in my favor by effing with that. Every once in a while I'll make an additional principal payment and to do that I'll buy a $1000 money order with my Suntrust debit card and pay with that.
How much rebate do you get?
Jul 6, 2016, 7:35 am
#5
Original Poster
Join Date: Jul 2016
Posts: 33
May I ask what is a DCU? Digital Federal Credit Union? Do you buy MO's with a CC, or do you first buy the gift cards with CC, then deposit into your bank, and then use that to the mortgage?
Jul 6, 2016, 9:39 am
#6
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,098
I consider mortgage payments to be a nice, easy additional method to liquidate MO's. I pay directly to the mortgage holder, usually for principal reduction, sometimes for monthly payments. I'm focusing on paying off a rental mortgage, with a fairly high interest rate, so I just chug along sending MO's when ever I can, to pay it off. Back in the day, I used Vanilla Reloads, Evolve and Bluebird/serve to chip away at this particular mortgage. As we all know, those easy, MS-from-home days are gone. I like to keep the numbers nice and round, in increments of $500, since my easy-to-get MO's are in $500 denominations.
You can "round up" your mortgage by adding the taxes and insurance to the monthly payment. If it brings it close(r) to an increment of $500, it might be worth the trouble. If you pitch in the difference towards principal reduction, you'll slightly offset the MS costs by lowering your principal balance, as well as building a sound financial future by paying off your mortgage debt.
If you deposit the MO's to a bank account and then use the resulting balance to pay the mortgage, you haven't really circumvented anything. You've transformed CC purchases into MO's and deposited them into your bank. Basic MS. If you pay the mortgage directly, you are skipping the "deposit to a checking account" step, which is a step that people can be wary of.
You can "round up" your mortgage by adding the taxes and insurance to the monthly payment. If it brings it close(r) to an increment of $500, it might be worth the trouble. If you pitch in the difference towards principal reduction, you'll slightly offset the MS costs by lowering your principal balance, as well as building a sound financial future by paying off your mortgage debt.
If you deposit the MO's to a bank account and then use the resulting balance to pay the mortgage, you haven't really circumvented anything. You've transformed CC purchases into MO's and deposited them into your bank. Basic MS. If you pay the mortgage directly, you are skipping the "deposit to a checking account" step, which is a step that people can be wary of.
Jul 6, 2016, 10:06 am
#7
Join Date: Sep 2014
Posts: 1,837
I consider mortgage payments to be a nice, easy additional method to liquidate MO's. I pay directly to the mortgage holder, usually for principal reduction, sometimes for monthly payments. I'm focusing on paying off a rental mortgage, with a fairly high interest rate, so I just chug along sending MO's when ever I can, to pay it off. Back in the day, I used Vanilla Reloads, Evolve and Bluebird/serve to chip away at this particular mortgage. As we all know, those easy, MS-from-home days are gone. I like to keep the numbers nice and round, in increments of $500, since my easy-to-get MO's are in $500 denominations.
You can "round up" your mortgage by adding the taxes and insurance to the monthly payment. If it brings it close(r) to an increment of $500, it might be worth the trouble. If you pitch in the difference towards principal reduction, you'll slightly offset the MS costs by lowering your principal balance, as well as building a sound financial future by paying off your mortgage debt.
If you deposit the MO's to a bank account and then use the resulting balance to pay the mortgage, you haven't really circumvented anything. You've transformed CC purchases into MO's and deposited them into your bank. Basic MS. If you pay the mortgage directly, you are skipping the "deposit to a checking account" step, which is a step that people can be wary of.
You can "round up" your mortgage by adding the taxes and insurance to the monthly payment. If it brings it close(r) to an increment of $500, it might be worth the trouble. If you pitch in the difference towards principal reduction, you'll slightly offset the MS costs by lowering your principal balance, as well as building a sound financial future by paying off your mortgage debt.
If you deposit the MO's to a bank account and then use the resulting balance to pay the mortgage, you haven't really circumvented anything. You've transformed CC purchases into MO's and deposited them into your bank. Basic MS. If you pay the mortgage directly, you are skipping the "deposit to a checking account" step, which is a step that people can be wary of.
I have my mortgage with chase and they let you split the MOs to pay mortgage and credit cards.
Jul 6, 2016, 4:51 pm
#8
Join Date: Jul 2014
Posts: 369
Plastiq is slow but I have been paying over 5k/month mortgage for about a year now, no major issues. I have only had issue with promo rates and customer service is great. Signed up when they had a promo and the honor the rate if you set it up as recurring. I now pay all my bills that dont take a credit card through plastiq with gift cards. I would imagine its a pain if a physical check disapears. I have heard you need to save the gift cards. They wlll void any uncashed checks but they return the funds to original payment.
Jul 6, 2016, 6:55 pm
#9
FlyerTalk Evangelist
Join Date: Jul 2008
Location: IAH
Programs: DL DM, Hyatt Ist-iest, Stariott Platinum, Hilton Diamond
Posts: 12,788
Jul 7, 2016, 2:31 pm
#13
Join Date: May 2016
Posts: 1
I've been paying my mortgage with Plastiq for months and have never had an issue. In fact, my mortgage company is partnered with Plastiq and it only takes about 4 business days for the transaction to go through. (Checks take about two weeks - one auto payment and my student loan require a check to be mailed.) It's normally a 2.5% fee, but I have been using referrals to get the FFD (fee free dollars) and can usually get that 2.5% down to less than 1%. Some months, I have no fee at all! I find the customer service spot on and trust them with my payments for my auto loans, mortgage and student loans. Love Plastiq!
Jul 7, 2016, 3:52 pm
#14
Join Date: Jul 2014
Posts: 369
Jul 9, 2016, 9:53 am
#15
Join Date: Jul 2016
Posts: 43
I consider mortgage payments to be a nice, easy additional method to liquidate MO's. I pay directly to the mortgage holder, usually for principal reduction, sometimes for monthly payments. I'm focusing on paying off a rental mortgage, with a fairly high interest rate, so I just chug along sending MO's when ever I can, to pay it off. Back in the day, I used Vanilla Reloads, Evolve and Bluebird/serve to chip away at this particular mortgage. As we all know, those easy, MS-from-home days are gone. I like to keep the numbers nice and round, in increments of $500, since my easy-to-get MO's are in $500 denominations.
You can "round up" your mortgage by adding the taxes and insurance to the monthly payment. If it brings it close(r) to an increment of $500, it might be worth the trouble. If you pitch in the difference towards principal reduction, you'll slightly offset the MS costs by lowering your principal balance, as well as building a sound financial future by paying off your mortgage debt.
If you deposit the MO's to a bank account and then use the resulting balance to pay the mortgage, you haven't really circumvented anything. You've transformed CC purchases into MO's and deposited them into your bank. Basic MS. If you pay the mortgage directly, you are skipping the "deposit to a checking account" step, which is a step that people can be wary of.
You can "round up" your mortgage by adding the taxes and insurance to the monthly payment. If it brings it close(r) to an increment of $500, it might be worth the trouble. If you pitch in the difference towards principal reduction, you'll slightly offset the MS costs by lowering your principal balance, as well as building a sound financial future by paying off your mortgage debt.
If you deposit the MO's to a bank account and then use the resulting balance to pay the mortgage, you haven't really circumvented anything. You've transformed CC purchases into MO's and deposited them into your bank. Basic MS. If you pay the mortgage directly, you are skipping the "deposit to a checking account" step, which is a step that people can be wary of.