Can I Buy a House on a Credit Card?
I’ve heard of people buying homes on credit cards, but why would you?
Here are a few good reasons not to do so:
1. Interest rates on mortgages are lower than those on credit cards because mortgages are secured loan. (secured by the house)
2. You escape paying a mortgage, but you also don’t get the tax benefits of a mortgage.
and lastly,
3. I know it can seem pretty cool to do so, but why else would you?!?!
Buying a house on a credit card is probably a lot easier in other states where homes don’t cost as much as they do in California. And even if you’ve worked hard enough to get a card that will let you borrow $250,000 - $500,000 at one shot, go back to point #1 and read this post over!
