Why Did Your Mortgage Payment Increase | Metro Atlanta/Cobb County
By Vanessa Calhoun, Powered by Data. Led by Heart.
(HomeSmart)
Your Rate Didn't Change. So, Why Can't You Afford Your Home Anymore?Why did my mortgage payment increase when my interest rate remained the same? In Metro Atlanta, a higher payment on a fixed-rate loan usually comes from escrow: your property taxes, homeowner's insurance, or both increased.Picture this...You open a letter from your mortgage servicer on a regular Tuesday afternoon. You haven't refinanced, you haven't missed a payment, and you locked your rate years ago. However, the letter states your monthly payment will soon increase.Many Metro Atlanta & Cobb County homeowners are receiving that letter right now....and it can feel like the ground has shifted right under your feet.I want to tell you about clients of mine who went through this. Then, I'll walk you through what you can do...
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