Why is your mortgage payment going up, 2022 taxes, HOAs, and insurance?
DDA Mortgage • March 7, 2022
If you have a fixed rate mortgage why would the payments go up, maybe need to review your property taxes, HOA fees, and insurance.
What doesn't change on your mortgage payment
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.
What can change on your mortgage payment
Taxes
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
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.
HOA
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.
How can you lower your monthly payment if you see an increase?
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.
Send me more information about refinancing
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