Fairway Home Mortgage borrowers now have a way to get some value back on their mortgage payments.
Image courtesy of Made
The $0-annual-fee Made Essential Visa Signature Preferred Card — recently launched by Made Card, a New York-based financial technology company — will earn rewards on everyday spending, home-related expenses, mortgage payments and more. The card is integrated into the mortgage process, so rewards can be redeemed toward your home loan with Fairway, but also toward future refinances or purchases with the lender. You do not have to be a Fairway Home Mortgage borrower to apply, but you will need to be one to redeem toward those options.
A credit card that lets you earn rewards on mortgage payments — without incurring fees or surcharges on those payments — is rare but not unheard of, thanks to products from companies like Mesa and Bilt.
Here’s a closer look at what the Made credit card will offer.
How the Made credit card works
You don’t use the Made card to pay your mortgage directly, but you’ll need to link your mortgage with Fairway or via Plaid (a third-party service). Importantly, in order to earn any rewards on your mortgage, you’ll also need to spend with the card in other categories.
Rewards
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3X points per $1 on gas, EV charging, groceries and utilities (up to 30,000 points per calendar year).
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2X points per $1 on home improvement, home maintenance and furniture (up to 20,000 points per calendar year).
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1X point per $1 on all other purchases.
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Bonus “mortgage matching” points: For every dollar spent on purchases, you’ll earn 1 point for your mortgage payments (inclusive of taxes, HOA fees and other escrow payments). Mortgage matching points are capped at the monthly amount of your mortgage payment.
For example, if your monthly mortgage payment is $2,000 and you spend $1,500 in groceries during the billing cycle, you’ll earn 4,500 points on groceries (3x rate), plus 1,500 points on your mortgage through mortgage matching (you had $500 in spending left before hitting the $2,000 cap).
To qualify for mortgage matching, the mortgage account must be for your primary residence, and you must be the owner of record on the property.
🤓Nerdy Tip
On the More website, you can see whether you’re preapproved without any initial impact to your credit scores. (It’s not until you officially accept the offer that your credit scores may temporarily drop, as is common with most credit card applications.)
Redemption options
You can redeem your points in several ways:
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Cash back toward your Fairway mortgage.
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Toward closing costs on future Fairway refinances or purchases.
Mortgage redemptions offer the best value, at 1 cent per point. Points are worth 0.8 cent each toward gift cards, and 0.7 cent each for statement credit.
Points don’t expire as long as the account remains open, active and in good standing.
Other benefits
The Made credit card also offers the following perks:
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Two complimentary preventative HVAC maintenance visits per year.
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An air conditioning filter credit.
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A 24/7 repair hotline for system and appliance emergencies.
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Access to pre-screened service providers.
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Exclusive home-related service or product deals.
Occasionally, the card may also feature other incentives, like card-linked offers when you make qualifying purchases with select merchants.