Nanci
Alien Lover
It came as a surprise to me, in my second year of home ownership, that the mortgage payment was not set in stone. Because of rising property taxes and home owner's insurance rates, the escrow amount could go up, increasing the house payment! And if you haven't escrowed enough, you have your choice of paying off the deficit, and getting a larger monthly payment, or not paying off the deficit and getting an even larger monthly payment! OTOH, if you paid in your escrow, and they didn't use it all, not only do they have to pay you back what they didn't use, but your house payment goes down!
Mine's been going up, a little bit at a time, for years. I did a dumb refinance a few years ago, and dropped my interest rate and mortgage payment. (In retrospect, I should have raised the payment a bit and cut the length of the loan in half. I've been regretting that for a while).
Today I got the notice of the new house payment- it's gone down $17!! And I have a check that will let me either buy the snake I want, or another rack!
AND I put in an application to refinance, at a .75% less rate, for 15 years rather than 30, which will only raise my payment $75. Now I need EVERYONE to cross their fingers, say a little prayer, whatever, so I PLEASE get the loan!!!
Mine's been going up, a little bit at a time, for years. I did a dumb refinance a few years ago, and dropped my interest rate and mortgage payment. (In retrospect, I should have raised the payment a bit and cut the length of the loan in half. I've been regretting that for a while).
Today I got the notice of the new house payment- it's gone down $17!! And I have a check that will let me either buy the snake I want, or another rack!
AND I put in an application to refinance, at a .75% less rate, for 15 years rather than 30, which will only raise my payment $75. Now I need EVERYONE to cross their fingers, say a little prayer, whatever, so I PLEASE get the loan!!!
