How can my house payment go up when I have a fixed rate mortgage?

Many homeowners will ask us how their fixed interest rate mortgage can have an increase in monthly payment and the answer to this question is usually pretty simple. It is typically an increase related to your escrow account. Many home loans require that the real estate taxes and the homeowners insurance are included in the total monthly payment that you pay to your bank or lender. If your homeowners insurance or your property taxes are increased they lender will adjust your monthly payment but your actual principal and interest payment will remain unchanged. If you have every experienced an increase in your monthly house payment relating to higher homeowners insurance or real estate taxes, add a comment below and let us know how big of an increase you experienced. We are interested in hearing your answers because there are a lot of areas across the country where home values have increased substantially and that will likely trigger an increase in taxes and insurance bills. Thanks for watching! Sam Miller REMAX Stars Realty 710 South Main Street Mount Vernon, Ohio 43050 Call 740-397-7800 http://www.SamMillerSells.com