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So I signed a 30 year fixed mort....


Putty

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Yesterday in the mail I get a letter from lender saying my mort is going up $240 a month cause of some escrow something another has changed. This is BS!!! Said to be looked at yearly. Two years into loan and now this kind of increase. Who the hell knows if this won't be an issue next year or year after...They're getting a call from my ass come tomorrow AM.
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i thought fixed meant they cant raise prices...?

 

no you have to read the fine print..

 

i know someone with a fixxed loan, every so many years the payments go up, and they didnt even know it till it hit that mark..i think it was around 2 years into it aswell.

 

this is how so many people are getting out of this stuff.

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Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes.
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Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes.

 

This is most likely the case, and has happened 100% of the time I have bought a house, typically one year into the loan.

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Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes.

 

Yeap insurance and taxes are my guess as well. These will go up or down. I got a letter that mine went down a little the other day.

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Thank your neighbors who continue to vote for tax increases and levy's only to allow those in control to have more of your money to piss away. Hell we could all give 90% of our income to the powers that be and they will still fuck up things and ask for more.

 

We need to fix the problem not feed it.

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My Reynoldsburg rental house has went up $900/year in taxes over 7 years. Pretty awesome.

 

Now the tax rate is pretty much that of Dublin, but Reynoldsburg sure as hell isn't Dublin. And let's not forget the School Income Tax they throw on there too. :)

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Thank your neighbors who continue to vote for tax increases and levy's only to allow those in control to have more of your money to piss away. Hell we could all give 90% of our income to the powers that be and they will still fuck up things and ask for more.

 

We need to fix the problem not feed it.

 

THIS

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Escrow has nothing to do with paying off the loan, if it bothers you that much cancel it and just pay property taxes and insurance out of pocket. My guess is that your taxes went way up so the city could recover from loss of income taxes.

X2 that is what happen i got a letter telling me my escrow is now short $183.00 for the year.because of what is going on with the taxes. this is the frist time for the last 6 years they all ways sent me money back saying we paid extra.

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ugh...the thing i dread. but i guess its nice knowing at least the principle and interest is fixed.

 

my g/fs grandparents talk about their mortgage being a couple hundred bucks a month, which im sure was a decent amount then...so im sure years down the line, even with increased taxes or insurance, and hopefully increased pay, it will seem like a lot less

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Well, this doesn't make me happy. I explained to that broad when I signed I needed that fixed so regardless of what happened in my situation, i'd know what my mort payment was going to be until I was done with it. She NEVER told me this was anything I'd have to be worried with. I guess this is just one more thing you find out after the damn fact. So much for paying off my $250/month truck. Now a mort increase! Honest man never catches a damn break!
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Well, this doesn't make me happy. I explained to that broad when I signed I needed that fixed so regardless of what happened in my situation, i'd know what my mort payment was going to be until I was done with it. She NEVER told me this was anything I'd have to be worried with. I guess this is just one more thing you find out after the damn fact.

 

Unfortunately it does not work that way. When they did my closing they explained to me my P&I (Principle and Interest) was fixed for the life of the loan. However Taxes and Insurance is going to go up and down. Did any school levies pass in your area causing the increase? I do not have my insurance coming out of escrow. However the taxes are. My payment goes up $100.00 one year and down $50.00 another. Depends on how people vote.

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I have no idea....i don't keep track of shit like that around here cause I don't give a shit about Cols schools. I'm about to put house on market anyways to get into a diff district. Can't run from the subject at hand, but atleast now I know about it. I had no idea. Fortunately, I'm in a position I can afford to pay it. An increase like this could be the difference of just making your payment to not being able to at all.
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