## Rocket Mortgage: Payment Options and Accepted Methods
**Introduction**
Rocket Mortgage, one of the largest mortgage lenders in the United States, provides borrowers with a variety of options to make their mortgage payments. While traditional methods such as checks and automatic bank transfers are commonly used, the question of whether Rocket Mortgage accepts credit card payments has been a topic of interest among potential borrowers. This article will delve into the payment options available through Rocket Mortgage, focusing on the acceptance of credit card payments.
## Accepted Payment Methods
Rocket Mortgage accepts the following payment methods:
– **Online:**
– Bank account transfer
– Credit card (American Express, Discover, Mastercard, Visa)
– **Mail:**
– Check
– Money order
– **Phone:**
– Automated phone system using bank account or credit card
– **Rocket Mortgage App:**
– Bank account transfer
– Credit card
**Credit Card Payments**
Yes, Rocket Mortgage accepts credit card payments for mortgage payments. This option is available through both online and phone payment methods. However, it is important to note that Rocket Mortgage charges a 2.25% convenience fee for credit card payments.
**Convenience Fee:**
The 2.25% convenience fee is added to the total payment amount when using a credit card. For example, if your mortgage payment is $1,000, the total payment with the convenience fee would be $1,022.50.
**Advantages and Disadvantages of Credit Card Payments**
**Advantages:**
– **Convenience:** Credit card payments offer the ease and flexibility of making a payment from anywhere with an internet connection or over the phone.
– **Rewards:** Some credit cards offer rewards or cash back for purchases, including mortgage payments.
**Disadvantages:**
– **Convenience Fee:** Rocket Mortgage’s 2.25% convenience fee can add a significant cost to your monthly payment.
– **Interest:** If you do not pay off your credit card balance in full each month, you will be charged interest on the unpaid balance.
– **Credit Score Impact:** Using a credit card for mortgage payments can have a negative impact on your credit score if not managed responsibly.
## Additional Payment Information
– **Payment Due Date:** Your mortgage payment is typically due on the 1st of each month.
– **Late Payments:** Late payments may result in late fees and damage to your credit score.
– **Payment Changes:** If you need to make changes to your payment method or schedule, you can contact Rocket Mortgage customer service.
**Conclusion**
Rocket Mortgage accepts credit card payments for mortgage payments with a 2.25% convenience fee. While credit card payments offer convenience and rewards, it is important to consider the additional cost and potential impact on your credit score. If you are considering using a credit card for mortgage payments, be sure to weigh the advantages and disadvantages carefully and manage your credit responsibly to avoid any negative financial consequences.