Michael Santos

MLB Residential Lending

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On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To Increase

July 20, 2016 by Michael Santos

On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To IncreaseFor many homebuyers who are new to the market, it can be very comforting to be on a fixed rate mortgage where fluctuating interest rates cannot have an impact on your monthly payments. While a variable rate mortgage can sometimes lead to significant savings at the end of the day, there are a few ways you can tell if your monthly payment is on the upswing.

An Increase In Your Home’s Value

A marked increase in a home’s value is ideal for most homeowners who consider their home an important investment. However, the downside of an increase in the price of real estate is that your property taxes will probably be bumped up along with it. According to Josh Moffitt at Silverton Mortgage, “If your home value increases because of market conditions, taxes will follow, and it will cost more to insure the home.” In order to determine if a higher payment is on the horizon, you may want to take a look at the listings in your neighborhood.

A Miscalculation

Most people hope that a re-assessment of the value of their home will lead to a bump in its price, but if your monthly mortgage payments were calculated at a specific time during the transaction, this bump may mean a higher monthly payment for you. If there was some overlap between the assessment and the property transfer, or other fees were included in your payment, your tax professional should be able to advise you on the best course of action you can take come tax time.

Insurance Renewal Is Up

In the event that the homeowner’s insurance on your home is about to expire, there’s a possibility that you’ll be paying a bit more following renewal. Instead of leaving this to chance, ensure that your insurance company is communicating with you and keeping you abreast of changes. After all, while insurance is important to protect your investment, you have the option of looking into other insurance providers who may be able to give you a better rate.

It can be hard to plan for the increase in rates that can go along with a variable rate mortgage, but if your insurance is up for renewal and the value of the homes in your area has increased, a higher monthly payment will likely follow. Contact your trusted mortgage professional for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Interest Rates, Mortgage

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Branch Manager Executive / Mortgage Loan Originator

Top Loan Originator Since 2001

Call (908) 296-6608

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MLB Residential Lending, LLC.
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1095 Morris Ave.
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Union, NJ 07083

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This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice.
MLB Residential Lending is an Equal Housing Lender.
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Michael Santos is not licensed in NY and this site is not intended for NY loans.
Michael Santos NMLS #199875 • MLB Residential Lending, LLC. NMLS# 1101220. Michael originates NJ loans only. MLB Residential Lending, LLC. is located at 51 Commerce Street, Springfield, NJ 07081, 732.243.0140. MLB Residential Lending, LLC. NMLS#: 1101220 is a residential lender, licensed by the NJ Department of Banking and Insurance; licensed by the PA Department of Banking and Securities; licensed by the CT Department of Banking; licensed by the DE Dept. of the Banking Commissioner; and is licensed under the FL Mortgage Lender Service License # MLD1128. All rates are subject to change without notice. MLB in no way, claims to represent or to conduct business on behalf of HUD, the FHA or the Federal Government. This site is not authorized by the New York State Department of Financial Services. THIS SITE IS INTENDED ONLY FOR NJ CONSUMERS.

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