I Have a Fixed Rate Mortgage... Why Did My Payment Go Up?
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 episode 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!
You can find more episodes of The HartBeat Show Podcast at the links below!
You can watch the full video here...
Let us know if you have any questions, happy to help!
Call our team at 239-437-4278 if we can help with any of your mortgage questions or concerns.