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If you have a fixed rate mortgage why would the payments go up, maybe need to review your property taxes, HOA fees, and insurance.
If you have a fixed rate mortgage, your combined interest payment and principle payment won't change. However, you will pay more money towards principle and less money towards interest at your loan matures.
Your property taxes can change on your mortgage payment. Especially if you bought the home the year before at a higher price than the current tax rate. Also if you didn't file for homestead or portability, you maybe paying a higher price.
Insurance companies are leaving Florida for various reasons and prices for homeowners insurance are going up. This is the primary reason our clients are seeing an increase in their monthly expense.
This is a much rarer occurrence but it can happen especially with inflation. If your HOA raises it's fee and you have your HOA fees escrowed, you may see an increase in your bill.
The easiest way to lower your payment is to refinance. If you have 10 or 20 years left on your mortgage, you can refinance with 30 year terms spreading the payments out over a longer period. This will lower your monthly expense and even gives you a chance to pull some cash out of your home.
If you are interested in refinancing, use the form below to get more information.