Mortgage payments mostly increase when property taxes or homeowners' insurance go up, when an adjustable-rate mortgage changes, or when an escrow account shortage requires larger monthly payments to get back on track.
Your mortgage payment may go up due to higher property taxes, increased homeowners insurance, changes to escrow, or an adjustable interest rate resetting.
Probably, you had an escrow account adjusted. About the case where your lender increases the amount of property taxes or homeowners insurance premiums, you will pay more monthly to cover the deficit and create a necessary cushion. Sometimes it is because of a reset of an Adjustable-Rate Mortgage (ARM).
Your mortgage payment may increase due to rising property taxes, higher homeowners insurance premiums, an adjustable-rate interest change, or escrow shortages. These factors can raise monthly costs even if your loan’s principal and interest stay the same.
