Why did my monthly mortgage payment go up or change?


Your mortgage payment may have gone up for a few different reasons. If you’re having trouble figuring out why, contact your servicer and ask them to explain.   

There are several reasons why your monthly mortgage payment may have changed. Some examples include:

  1. You have an adjustable rate mortgage (ARM) and the interest rate increased. Check the type of mortgage you have. Some homeowners believe that they have a fixed-rate mortgage loan, when their loan actually includes an adjustable-rate or some other feature that can cause their payment to change.
  2. You have an escrow account to pay for property taxes or homeowners insurance premiums, and your property taxes or homeowners insurance premiums went up. Check your monthly mortgage statement.  If your monthly mortgage payment includes the amount you have to pay into your escrow account, so if your taxes or premiums go up then your payment will also go up.
  3. You may have been assessed fees that increased your monthly payment. Check your monthly mortgage statement or any correspondence you recently received from your lender or servicer. If you still don’t understand why your payment went up, you should call your mortgage servicer and send an information request.

It’s also possible that your mortgage servicer simply made a mistake. If you think your servicer made a mistake, first call your servicer to check.  If your servicer doesn’t fix the problem over the phone, send a notice of error to your servicer explaining why you think it made a mistake in calculating your loan payment.

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