why monthly payment of a mortgage suddenly go up ?
my family were paying monthly mortgage of $ 552. 98 since we refinanced last year november.
Today, we have a bill stated that we have a shortage of escrow account of 1595.03
and the new monthly payment will be $ 695.17. the old monthly escrow payment was $ 166.94 now go up to $ 309.13. almost double
i thought that our monthy mortgage payment already cover all of that.
even if insurance and property tax increase, why it goes up so much? i just feel something is not right! when i look at the escrow details statement i can see the price increased a veryl little compare to last year, but it should only add around $ 10 into our new monthy mortgage payment.
my family bought our first home so we didnt know what to do. the ” projected” part and ” required” part really confused me !
and i don’t believe out mortgage will increase like that because pretty much the insurance premium and property tax are the same or not significantly different compare to last year.