mortgage rates going up,

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timemeddler

timemeddler

Active member
Jul 13, 2023
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well as it it seems the taxs have driven the home mortgage rates up, the predicted wage increase was lackluster and upcoming health care costs are going to make life tight, pray to get by. Thanks.
 
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Good thing I got a mortgage when the rates were still relatively low in 2020 compared to what they are today. My home has since doubled in value. Buy low and sell high.
 
timemeddler said:
well as it it seems the taxs have driven the home mortgage rates up, the predicted wage increase was lackluster and upcoming health care costs are going to make life tight, pray to get by. Thanks.
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The Federal Reserve has to be able to fund renovations and they are really hurtin'. They have old construction that's 5 years old. They went over budget on predicted construction costs. $3+ Billion for much needed building program. The poor federal reserve .
🙄

Trump meets with chairman <

I wonder what Ron Paul says?

-Jerome??

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timemeddler said:
I'm talking about premiums not intrest rates, more tax+more escrow= higher mortgage payment.
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What is escrow? Escrow is a financial agreement in which a third party, such as an attorney or
another settlement or title agent, controls payments between the buyer and seller, only releasing
the funds involved when all the terms of the contract are met. As the buyer, once you close on the
home, the money you’ve placed in escrow will often be applied toward your down payment and
other closing costs.

The more money from the buyer that ends in an escrow account (earnest money), the lower the mortgage payment would be.

Property taxes and insurance mandated by the bank certainly get bundled into the monthly mortgage payment due, causing it to be higher than it would otherwise be.
 
Tall_Timbers said:
What is escrow? Escrow is a financial agreement in which a third party, such as an attorney or
another settlement or title agent, controls payments between the buyer and seller, only releasing
the funds involved when all the terms of the contract are met. As the buyer, once you close on the
home, the money you’ve placed in escrow will often be applied toward your down payment and
other closing costs.

The more money from the buyer that ends in an escrow account (earnest money), the lower the mortgage payment would be.

Property taxes and insurance mandated by the bank certainly get bundled into the monthly mortgage payment due, causing it to be higher than it would otherwise be.
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Are you being dense on purpose? I have to pay the increase. Earnest money is something when bidding on a house, not something for when your already making payments.
 
Tall_Timbers said:
No, I'm not being dense, but I've come to the conclusion that whatever it is you're meaning you don't have an understanding of the meaning of the terms you're using which makes it impossible to figure out what you're saying or trying to say. That's it for me...
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pretty obvious I'm now paying more for for property taxes and things like insurance than I was, why else with this be a prayer request?
 
I guess your talking about being a first time buyer? If so wait until interest rates go down then buy. And they will go down. If you have already bought a house with a flexible interest rate, then yes. Im sure your payment went up. Taxes arnt the problem.
 
If your property tax is figured into your payment then your city must have raised the property tax. Thats the only way I see taxes affecting your payment.
 
DeanM said:
I guess your talking about being a first time buyer? If so wait until interest rates go down then buy. And they will go down. If you have already bought a house with a flexible interest rate, then yes. Im sure your payment went up. Taxes arnt the problem.
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Already own, monthly payments going up significantly.
 
DeanM said:
If your property tax is figured into your payment then your city must have raised the property tax. Thats the only way I see taxes affecting your payment.
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basically city/county, that and mandatory homeowners insurance along with it, as it seems the property value has gone up a bit since we purchased it.
 
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