One of the most common reasons why your monthly payment might increase would be a change in the monthly escrow portion of your payment. This could be caused by an increase in your local property taxes, or an increase in the cost of your homeowner’s insurance policy. Your real estate taxes may be different as a result of property being reassessed, the tax rate changing or the loss of a tax exemption. Unexpected tax bills for special assessments charged by your local tax authority will also impact the amount we collect for taxes. Please contact your local taxing authority for any changes to your real estate taxes. Your insurance premium may change as a result of changes to the type or extent of your insurance coverage or if your rate was changed. Please contact your insurance agent for any questions regarding any changes to your Insurance.
If your loan is less than one (1) year old, the amount collected for taxes and insurance at closing may not have been sufficient to cover the required disbursements.
If you have a variable rate loan, the rate is subject to change and the payment may increase.
Please contact our Loan Servicing Team at 800-332-2669.