One of the most common reasons your monthly payment might increase is 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 rise as a result of a property reassessment, a tax rate increase 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 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 with questions regarding 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, your rate may also have increased.
Please contact our Mortgage Servicing Team at 800-332-2669 or 212-895-4755 for additional information.