3 Reasons Why Your Home Payment Will Increase

3 reasons your payment can increase😳⬇️

1️⃣Property taxes increase

As your home value increases, your taxes will increase.

There’s no way to predict this, but you CAN look up your state & city’s tax rate + the assessed value to see if it’s likely to increase.

2️⃣Your homeowners insurance will increase

Every year, your homeowners insurance policy will automatically renew.

If you don’t pay attention, they’ll renew it for a higher premium and your monthly payment will automatically increase.

Set yourself a reminder to shop for rates once a year.

3️⃣If you have an adjustable rate mortgage, your rate can increase.

The benefit of an ARM is starting out with a low rate, but then it will incrementally increase.

You have the option of refinancing, but be prepared for the higher payment!

If you’re renting, your landlord passes these costs onto you with a rent increase -

so there’s no way to avoid it.

You just have to be PREPARED & expect increases.

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