Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

RE:Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

Dan — Thu, 06 Sep 2007 11:00:00 GMT

Isn't this something Citibank has been doing for years? They've long promoted a card that credits 1% back on purchases as a credit to your mortgage with any lender. I don't see how the Ditech program is all that special...

RE:Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

jhr — Thu, 09 Aug 2007 11:00:00 GMT

I think its curious that the 2 banks who have signed on are Alt-A andsubprime lenders-and one of them has already gone under-lenders are too greedy to regulate this correctlyit is a formula for disaster................but the lenders will make more profit.........

RE:Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

Steven — Wed, 08 Aug 2007 11:00:00 GMT

I don't see any value in this type of program being offered. Given a credit card out as part of a mortgage to build minimal points on huge dollars amounts at a high interest rates on compund interest credit cards that will help pay down the mortgage earlier. Americans love to borrow easy money, this is a way to market their mortgage programs and credit cards and at the end of the day homeowners may have paid down a little more principal, but now have $1000.00's of dollars in compound interest.

RE:Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

Christian — Wed, 08 Aug 2007 11:00:00 GMT

The value is that you can pay your mortgage payment and earn points/rewards/etc using the credit card tied to this program. Then, you would pay the credit card with the money that you would otherwise have sent to the bank directly. If you are diligent enough to stick to this it would be a great way to earn those rewards. I would love to use this if/when my bank signs up with this program. The only problem is if someone decides to skip a payment or two and racks up those high-interest charges

RE:Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

Joan Elflein — Wed, 08 Aug 2007 11:00:00 GMT

I own fee for service Real Estate Brokerage in Ohio & am absolutely stunned. Given the high rate of foreclosures and the fallout in the BS & Alt-A side of the mortgage industry, & knowing borrowers are over extended beyond the ability to salvage their credit, this program should not be available to that type of end user as it is simply promoting a greater fallout in the future! There is reward potential to this program, however it should be available to users w/ a minimum credit score of 680.

RE:Mortgage Payments And Credit Cards - Two Examples Of Creative Thinking

Anonymous — Wed, 08 Aug 2007 11:00:00 GMT

The new way of being able to pay the mortgage to the lenders is great. But I do think that they should require the consumer to go threw some credit counciling so that in the future the consumers wont be over extending themselves or getting themselves in a situation were they will need to go bankrupt.