I Have a Fixed Rate Mortgage. Why Did My Payment Go Up?
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- Опубликовано: 28 авг 2024
- We have been getting calls like this over the last couple weeks so this may or may not have happened to you. A mortgage with escrows get reviewed once a year by your mortgage holder.
When this review happens, the lender needs to ensure that they are collecting enough money to cover your real estate taxes and insurances when that bill comes due.
Many times the lender needs to increase your monthly payment if your taxes or insurance increased from the year before. Insurance in Florida has increased pretty dramatically this year so it does not surprise us that payments are going up when the escrow review happens.
Check out the video we did about this and we offer a couple solutions at the end.
Spoiler alert- The solutions are to shop your homeowners insurance and that you can pay the full bill up front to keep your payment down. Not many options to fix it. Sorry!
Here is the video:
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Biggest scam ever
I can think of bigger ones lol
Taxes and insurance
Rent vs owning i see no difference now. 😡
sometime it may make more sense to rent. Everyone's situation is unique.
You never own your house that's a fact till they get rid of property tax
@@marty64thornton agreed
one word greed mortgage is a scam it means death pledge
Have to pay someone or find a way to live free.
So PAY CASH, Big Mouth!!!
FOUR minutes for a FIVE SECOND video: “Taxes and Insurance go UP.”
I personally think explaining why they increase or decrease was needed for the video but appreciate you watching.
Thank you for explaining this clearly and concisely.
My pleasure. Thanks for watching!
Sooooo they payment CAN go up even with a FIXED rate..
The principal and interest can never be go up or down if your rate is fixed. It can and will go up or down if your taxes and insurances are included in your payment. Taxes and insurances change every year and that will make your payment increase or decrease with those changes.
Mine just went up a second time and I’ve had my house for only a year. I’m a first time home owner and this does not get discussed enough. Plus I don’t know how long they should give you before new payment is due but this time, we got less than 30 days notice.
Thanks for the comment. It can happen more than once a year. Depends where you live. When tax bills come out, it gives a chance for the lender to review your escrow account and then on insurance renewals. They may also have an automatic timeframe where they escrow review all loans. We see this happen alot when people buy new construction. Please let me know if I can help you with anything. Thanks!
@@TimHartLoanOfficeryes I bought a new built in 2021 my payment went up $100 since I got my house at a fixed rate
@@mr.unknowncali-life9350 sorry to hear that. Many lenders only escrow for your land and do not estimate what the taxes will be on the newly constructed house. Sorry if that happened to you. Happy to help if needed.
How can I help avoid this ? They told me they taxes weren’t enough my house value went up 80k so idk if it’s the reason it is affecting me in property taxes .
@@mr.unknowncali-life9350 that sounds like the reason. More than likely your tax bill was higher due to the previous owner being homesteaded. It should level off for you in the future. You should also reach out to your property appraiser to find out if you qualify for any kind of deductions. That may help as well.
Been in our townhome since 2005. We had homestead. Does that run out??Switched homeowners insurance this year. Now we get a shortage letter wanting over $500!! We have NEVER had a shortage of that size.
I could just cry.
Homestead in Florida does not end unless you end it or sell the property. Did your new insurance increase? That is a pretty big jump since owning the house for that long. Sorry!
Thanks very helpful, very well explained!
Thanks! Glad it helped!
Why is my escrow going up before my year even up. I received my statement last July and just received another one in February and new payment starts April.
Hello! The lender must have done an earlier escrow analyses
So tell me I live in Iowa I bought a house last year payed 1405 a month taxes and insurance are included my payment raised by 40 this year. So the reason it went up was because of taxes and insurance price going up? Will it always just go up through the year? I’m completely clueless to this
Thanks for watching. If you have a fixed rate mortgage your principal and interest will never change. Only thing that will change is if your insurance and/or taxes go up or down. Your payment will then adjust up or down. Hope that helps!
Don’t go escrow. Manage your own escrow without the extra fees that a mortgage company charges you. It’s a racket to get extra money from the home owner.
Thanks for the comment! If people are responsible enough to manage it then you are correct. That Florida tax bill coming out in November can ruin some Christmas’s quickly if they are not prepared. Thanks again for commenting!
If you don't pay the property tax the day you get the bill bad people can pay it in their name and put a lean on your home until you pay them back with interest.
Shouldn't be legal, but it is in many counties and states.
@@angielovesusa not sure where you live but in Florida the tax bill is started 11/1 and late April of next year.
Ok I have a surplus in my escrow account and they’re saying I need to pay an increase because I’m have an escrow shortage. How can I have an escrow shortage if I have a $1200 surplus in my escrow account at time of assessment?
Hello! Hard for me to say for sure. Do you have a tax and insurance people coming due? Maybe those yearly bills will use all that money and that is why you would be short.
Bull crap property tax went up, so my mortgage went up.
Yes that happens as well. Insurance and taxes go up and so does the payment.
Hi Tim, I understand taxes and hazard insurance causing escrow shortages, but I'm in a situation where a lender (Mr. Cooper) is wanting to raise my rate $500 a month and in their escrow analysis the only line item showing a projected increase is in my FHA MIP. Now Mr. Cooper bought this loan two months after we closed and the payments have remained the same (we closed Dec 2022) Per my closing disclosure my FHA MIP should be locked in for the life of the loan. Have you heard of this happening before? Any idea why it might have happened?
I’m not sure what happened there without seeing a statement and your original closing statement. Usually the FHA PMI can slowly decrease.
We got one last year that was a $100 shortage and we paid $300 into the escrow account to cover that plus extra. Yet we just got another shortage this year for $80.
Even paying the shortage our mortgage payment still goes up, why?
How can we stop the escrow from having a shortage?
Also last year our mortgage company overpaid the insurance by $14 and the insurance company sent us the refund check.
We are on a fixed income with everything going up in cost we really need our mortgage to stay the same.
What can we do?
One of the quickest fixes is to remove your escrows so you pay them on your own. Have you tried that yet? You would want to ask your current lender to see if that is an option
This is America biggest gangster all time
What causes the insurance and property taxes to go up?
Homeowners insurance can go up at the point of renewal. Taxes are assessed every year for the property which causes the tax bill to lower or higher.
Okay bro so this video is completely unnecessary, there's really nothing you said in this video that is helpful.
Thanks for watching. Sorry its not helpful to you. Happy to try to help you if the video didnt cover your exact situation. Just let me know.
Is $1000 increase normal???
Yes I have seen an increase like that several times m. The taxes and insurances go up and then you also have to make up the difference form the months prior. It is not fun at all. Best thing is to contact your current lender and have them talk you through it. Let me know if I can help.
does it have to get made up? really? does it???? the answer is NO.
When the taxes and/or insurances increase the borrower has to cover that difference. Not sure if that is what you are talking about. Let me know I can explain further.
@@TimHartLoanOfficer yeah no youre good bud. good video.
@@hoebloify appreciate it!
Renting is better 😂😂😂😂
Ok
BOTTOM LINE! DONT buy a HOUSE!
In most case, rent goes up anytime taxes and insurances go up for the landlord.