Michael Isaacs

Branch Manager • Loan Originator

  • (614) 383-7341
  • About
  • Blog
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Reviews
    • Read or Write Reviews
    • Additional Reviews
  • Contact

On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To Increase

July 20, 2016 by Michael Isaacs

On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To IncreaseFor many homebuyers who are new to the market, it can be very comforting to be on a fixed rate mortgage where fluctuating interest rates cannot have an impact on your monthly payments. While a variable rate mortgage can sometimes lead to significant savings at the end of the day, there are a few ways you can tell if your monthly payment is on the upswing.

An Increase In Your Home’s Value

A marked increase in a home’s value is ideal for most homeowners who consider their home an important investment. However, the downside of an increase in the price of real estate is that your property taxes will probably be bumped up along with it. According to Josh Moffitt at Silverton Mortgage, “If your home value increases because of market conditions, taxes will follow, and it will cost more to insure the home.” In order to determine if a higher payment is on the horizon, you may want to take a look at the listings in your neighborhood.

A Miscalculation

Most people hope that a re-assessment of the value of their home will lead to a bump in its price, but if your monthly mortgage payments were calculated at a specific time during the transaction, this bump may mean a higher monthly payment for you. If there was some overlap between the assessment and the property transfer, or other fees were included in your payment, your tax professional should be able to advise you on the best course of action you can take come tax time.

Insurance Renewal Is Up

In the event that the homeowner’s insurance on your home is about to expire, there’s a possibility that you’ll be paying a bit more following renewal. Instead of leaving this to chance, ensure that your insurance company is communicating with you and keeping you abreast of changes. After all, while insurance is important to protect your investment, you have the option of looking into other insurance providers who may be able to give you a better rate.

It can be hard to plan for the increase in rates that can go along with a variable rate mortgage, but if your insurance is up for renewal and the value of the homes in your area has increased, a higher monthly payment will likely follow. Contact your trusted mortgage professional for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Interest Rates, Mortgage

Michael Isaacs

Contact Michael


CEO

NMLS #26591 • AZ License #BK-0904162
Licensed in: AZ, CA, CT, FL, IL, KS, KY, ME, MD, MO, NH, NJ, OH, PA, TN, VA.
Direct/Office: 614.383.7341
michael@gomortgage.com
4215 Worth Avenue, Suite 220, Columbus, OH 43219
RATE QUOTE →
GO Mortgage
Company NMLS #1018

How can I help?


0 / 180

Let’s Connect!

Keep Up to Date with the Latest Mortgage News!

Recent Articles

  • ITIN Loans: Are These Loans Right For You?
  • Why Your Kitchen Features Matter
  • What’s Ahead For Mortgage Rates This Week – February 6, 2023
  • 3 Tips To Consider When Buying A Home With An FHA Mortgage
  • S&P Case-Shiller Home Price Indices: Home Prices Fall In November
Equal Housing Lender
GO Mortgage, LLC, NMLS ID #1018
For licensing information, go to: www.nmlsconsumeraccess.org

Privacy Policy | Disclosure Information
The content on this website is written by Michael and reflects his opinion, and not the opinion of GO Mortgage.

Our Location


4215 Worth Ave
Columbus, OH 43219

Copyright © 2023 · Powered by MySMARTblog