Why Did The Mortgage Payment Increase?
REM #F650
By Ilyce R. Glink
Summary: A reader's mortgage payment was mysteriously raised. Ilyce discusses how property taxes and insurance may be the cause.
Q: My mortgage went up a few months back by $16 or so each month. I assume
it is because of the escrow, but I don’t know why.
Should I call mortgage company and ask them why my mortgage is higher?
A: It's possible that the increase in your escrow reflects a rise in your property
taxes. The mortgage servicing company is allowed to hold onto enough cash to
pay the bill plus two months extra (just in case taxes jump way up). It's also
possible that your homeowners insurance has gone up and the increase reflects
this.
I'm surprised your mortgage statement doesn't reveal more information. By all
means, pick up the phone and call your mortgage servicer's toll-free number
that's listed. You have a right to know what you're paying for.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO
Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted,
resyndicated or redistributed without written permission from the publisher.
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