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.
@YouTubeTV Always something with YouTube tv. I’m giving it the weekend and if it’s not fixed by Monday I will be dropping it. I signed up for sling for 5.23 just to watch college game day. Do Better @YouTubeTv
92.1 The WOLF wants to share the wealth! WIN YOUR SHARE of the record-setting $1.9 BILLION #Powerball Jackpot! Just LIKE and RETWEET this post of our numbers. If any of these numbers win the $1.9 BILLION Jackpot Monday night, you'll win a share of the money!