How do mortgage payments go up if it’s a loan?
In: Economics
There are two things to keep in mind. Most mortgage payments include the payment for the mortgage, insurance and property taxes. If you have a fixed rate mortgage, that portion never changes but insurance and property taxes always go up so your payment will increase overall. If you have an adjustable rate mortgage your payments will fluctuate quite a lot. Never get adjustable rate mortgages. Outside the US you might only be able to get adjustable rate mortgages unfortunately.
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