How To Pay Your Mortgage Or Student Loan Payments With Your Credit Card | Velocity Banking Strategy

How To Pay Your Mortgage Or Student Loan Payments With Your Credit Card | Velocity Banking Strategy

so how do you use a credit card to pay your mortgage paying your student loans pay your car loans so that when you can utilize the velocity banking strategy you know isn't something that's even possible we're gonna dive into the details we're gonna uncover that in today's training stay tuned hey everyone it's Mike Adams and on this channel we empower individuals to achieve freedom through improve financial literacy business ownership and real estate investing so if it's your first time here make sure to click the subscribe button you go ahead and click the bell so that way you get notified that whenever we create additional and future content so in today's training we're gonna be diving into the details on how you can use your credit card to do the velocity banking strategy how you can use your credit card to pay your loans pay your student loans pay your mortgage or your car loans so that way you can ultimately implement the strategy and save money on on on overall interest payments and so in a lot of people have reached out to us about this particular topic that said Mike yard call my mortgage company and they said that I can't just you'll give them my credit card number to make my mortgage payment and that is true but there's a couple of other ways that you can actually get that mortgage payment on to the line of credit and have it be treated as if it's a normal charge because what we don't want to do and and this is we're not talking here today about getting cash advances on lines of credit what we know about getting a cash advance from a credit card is that normally those are at much higher terms and fees than a normal charge when you normally just drawn the line so we're not talking at all today about getting cash advances okay and before we dive into the details here I just want to say that all credit cards are not created equal okay so at every single bank they have different features and benefits that they offer so you're gonna have to do your due diligence which is something that we're not taught when it comes to lines of credit we're just kind of you know made to think that they're all the same but they're all very very much quite different and even a credit card at one bank compared to the features benefits of another credit card or another bank can be quite different so bear that in mind that some of the features we're gonna discuss here some of the options we're gonna discuss here may or may not be available on your particular line of credit you can certainly inquire about that or again if they're just not you may want to look at getting a different line of credit that has the features that you're looking for so that way you can use the strategy the way that you want to okay so with all that being said there's really two ways that you can utilize your credit card to make all of those loan payments that way you can do velocity banking the first way in the most common way that most people are gonna be able to do this is through utilizing a balance transfer cheques okay and if you're in a good credit scenario you may be getting these cheques sent to you oftentimes your line of credit you're such if you don't have a balance they're gonna say hey you're not using this line here's some balance transfer checks that you can use to go ahead and transfer other balances from other things over here onto this credit card and what a lot of people don't know is that you can actually write those checks out to yourself and so through utilizing that check you can actually write it out to yourself and the way these checks function again is they draw on the line so these are not give you a cash advance these these are where you are drawing on the line and so you write the check out to yourself and now you have the physical cash you can then take that cash and make your mortgage payment make your car payment make your other payments or student loan payments okay essentially using cash that's drawn off your credit card so that is the number one way to make your loan payments using your credit card is through the use of balance transfer checks write that check out to yourself use the cash to make your loan payments thus making those payments using the credit card the second way and this is more uncommon I've actually we've seen this feature on one particular card with one particular bank but this is through loan bill pay and it was the coolest thing that I uncovered I was bored it functioned very similar to a credit card balance transfer you can transfer one credit cards balance onto another but with this particular card it actually allowed me to make loan payments in the same way so I was able to make my truck payment and essentially move that payment onto the line of credit and it was a normal draw so it wasn't again it wasn't a cash advance it functioned the same way would on a credit card balance transfer so those are the two ways okay they're utilizing those balance transfer checks again write it up for cash to yourself and then use that cash to make your loan payments okay or using that new feature that I can have only seen on one type of credit card but it may be out there there may be other banks I'd do it through loan bill pay now and I think it's fair to mention so we're talking about balance transfer checks and many of you guys have either used them or seen them maybe you received them in the mail and a lot of times they're gonna offer you introductory offers like you know you know 0% for 18 months but sometimes there's gonna be a fee associated with using a balance transfer check a couple notes on that number one is all fees are negotiable and something that's not always taught is that you can actually negotiate fees with banks and you can actually even make special requests like hey I'm looking to do a large transfer here can I get zero percent interest and zero fee you over the next 24 months and if you have a good credit standing you can actually get those terms although offers make a counteroffer to you okay but if there are fees you know sometimes those fees arrange anywhere from 2% up to 5% of the transferred amount so if you're using velocity banking again you would just have to factor that into your numbers to make sure that still makes sense to do the chunk but in most scenarios that I've encountered even if we have to pay a 2 3 or 4 percent fee in order to utilize the strategy you're still gonna end up saving in the long run a heck of a lot of money on the interest on the overall life of those loans [Music] [Music]

pay mortgage with credit card

As found on YouTube

Looking to see what kind of mortgage you can get? Click here to see

Leave a reply

Your email address will not be published. Required fields are marked *