My cousin bought a $320,000 house in 2019. Mortgage was $1,400 a month. Life was simple.
Fast forward to this week. He hasn't missed a single payment, hasn't refinanced, and hasn't added a single square foot to the property.
His monthly payment just jumped to $2,100.
Why?
Because local property tax assessments skyrocketed 40%, and his homeowner's insurance premium doubled after two regional storms hit the state….even though his own house suffered zero damage.
The bank sent a letter saying his escrow account had a $4,800 shortage, and they increased his monthly bill by $700 overnight to cover it.
They tell you a fixed-rate mortgage locks in your housing costs for 30 years.
What they don't tell you:
The principal and interest are fixed, but the property taxes and insurance aren't.
You never truly own your home…..you're just renting it from the city and insurance companies at a rate they can hike whenever they want.
@empireofthekop@The_FCAs Always the have voted for you guys as you have always kept us updated with everything about LFC and general football. Also when a Liverpool game is on minute by minute updates on how the game is going. Respect to you guys
@empireofthekop Agree. Diaz was the only player for lfc tonight. The rest were below average. I think a lot of fans have ran out of patience with nunez. I think klopp leaving has had a big impact on the players but thats no excuse. We go again on saturday