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savvy | Why would a 30 yr mortgage loan at a fixed interest rate of 6.25 go up $250 in a month? |
Additional Details
I checked my papers and it is a 30 yr fixed rate loan and when I called them the said it raised because of my taxes. Yes I am escrowing the taxes. I still feel like it is a large increase. The house is an old house, but in great condition.
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Patrick
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Check to make sure that you have a 30 year fixed rate mortgage. There were hybrid loans out there that were fixed rates for the first 3, 5 to as high as 10 years then move to an adjustable rate loan after that. Make sure you don't have one of those type of loans.
If you indeed do have a 30 year fixed rate loan there are only two reasons I can think of for it going up. One would be taxes. If the taxes are escrowed then they may have gone up or the mortgage company miscalculated them they would pass on the cost to you. If taxes were not escrowed and you were supposed to pay them and didn't, the mortgage company would pay them then pass on the cost to you. The second item is insurance. If you drop the insurance on your property the mortgage company will insure the property and pass the cost on to you.
in either case, I believe the mortgage company will pass fees along for their costs of providing these services. $250 a month sounds like an awfully large amount of money to increase for this though. I would call the mortgage servicer as soon as possible and ask exactly what the increase was for. |
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kearneyconsulting
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Cannot imagine. Please contact your lender for an explanation. |
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helprhome
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Taxes and Insurance on a new home or the loan wasn't a true fixed rate it was perhaps a fixed for 1 year? and then adjustable? |
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hollywoodmelody
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The only thing I can think of your loan was brokered to another company and that is why it is higher. |
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Wayne Z
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This is common if your home is new.
Property taxes on a new home are very low the first year as they are calculated on the land only. After that they go up as they are now calculated on the land and the "improvements" (the house).
You should have received a statement from the county stating your property taxes for the upcoming year. If your taxes are excrowed, the mortgage company would receive a copy also.
Either that....or you really don't have a fixed mortgage. Get out the paperwork. You may have been sold an ARM but told it was fixed. |
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rochelletherealtor
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It is the taxes. A new mortgage will adjust up and down for a couple of years, then go gradually up as taxes increase over the years.
This happened to me. What a shock! |
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Great Scott
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Are you sure the interest rate is fixed? Read your loan paperwork... bet is was only "fixed" for a few years. |
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Serena
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Your property taxes may have increased or the mortgage company sold your loan or miscalculated your loan to begin with. Talk to your lender. That is a huge jump for a mortgage. |
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Alterfemego
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A fixed rate mortgage does not go up. Do you have your taxes and insurance escrowed? If so, that could be the issue. Check with your lender. |
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Gregorio
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Just to clear up comments above. The selling of your mortgage WOULD NOT cause your payment to go up. Make sure you were indeed in a fixed rate mortgage and not one that was just fixed for a period of time. Read your loan papers. |
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