How do mortgage payments go up if it’s a loan?
In: Economics
My mortgage is fixed but if the house is appraised at a higher value then when I bought it I will pay more in property taxes. If I ever have an insurance claim my payment will go up. People look at the flat cost of a mortgage and the monthly payment and think that’s it but forget you have to pay taxes and insurance generally thru an escrow account with your lender.
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