Why Did My FIXED Mortgage Payment Just Go Up?! 📈😱

Did you just get a notice that your monthly mortgage payment is increasing, even though you have a fixed interest rate? Before you panic call your bank, watch this 30-second explainer. It’s likely not your interest rate—it’s the tax man. 🏠💸 Your lender estimates your property taxes based on last year's bill. If the city raised taxes, your lender's "pool" of funds ran dry. Here is the breakdown: 👉 Shortage: Taxes went up. Your payment rises to cover the gap and prepare for next year. 👉 Surplus: They collected too much. You might actually receive a cheque for the difference! Bank rules are black and white. My solutions are in full color. I'm Alex, your Mortgage Strategist.