Q&A: Why did my mortgage payment rise?
Loan modifications are getting harder to come by. Credit: Photos.com
Q: My mortgage payment just recently went up and I don’t understand why. What should I do?
A: This is one of the most popular questions from customers at the Bethpage Federal Credit Union call center, says Robert Lund, assistant vice president of mortgage real estate lending. “Don’t be alarmed if this happens. Often it’s a reflection of changes in your homeowner’s insurance premiums or your real estate taxes. This can signal that it’s a good time to shop around for a new quote on your homeowner’s insurance or the time to grieve your tax bill." Another reason mortgage payments change is that many people forget they have an adjustable mortgage, or the adjustment sneaks up on them. "If you have concerns, contact your lender who can go over your mortgage bill with you line by line, and explain the increases," he says.
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