Updated over 11 years ago on . Most recent reply
Maxing a credit card for down payment on property
I found a house the other day for 49k, a house up the street is selling for 86k and another for 76k. I called on a few houses in that neighborhood and rent is around 700-750.
I would need $9800 as my 20% down, have you ever thought about or actually maxed a credit card to use as the down payment?
Is this a dumb idea?
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
What you do is use the Cash Advance part. This only works though if you have a new CC that has "0%" interest for a year on purchases AND transfers. You also need more than one card.
Since the CA int rate is incredibly high, and never included in the "0%" offer, you need to use the CA from one card as the DP, then immediately, transfer the balance from the CA card into the other card to get "0%" interest on it.
Now, you need to pay it off before the interest kicks in.