‘I was bamboozled’ when I bought a new-build home – my mortgage payment went up by $1,000 and now I’m trapped here | 8Z45CU8 | 2024-04-28 17:08:01
'I was bamboozled' when I bought a new-build home – my mortgage payment went up by $1,000 and now I'm trapped here | 8Z45CU8 | 2024-04-28 17:08:01
MANY homebuyers expect their mortgage payments to remain relatively stable after they buy a house.
One TikToker recently shared how her mortgage became a surprising trap as costs increased.
An influencer named Whitney (@wealthyywhit) shared the story in a video.
"My mortgage went up a thousand dollars and I am not okay," she told followers.
The surprise cost made her say she wished she could move back in with her parents.
"I was bamboozled," she said.
EXTRA COSTS
Whitney's TikTok received over 54,000 likes, with some questioning the extra charges.
The costs came from her escrow analysis.
These analyses are done by mortgage servicers and typically happen every year.
Escrow analysis impacts your monthly payments by making sure you pay enough to cover your tax burden, according to Nerdwallet.
As property taxes increase, therefore, your home payments can too.
Whitney said that she had been previously taxed for the land, since her house is a new build.
<!-- End of Brightcove Player --> That meant that when tax valuations caught up with the home construction, her property tax shot up.
"Don't buy a house when you're single," she advised.
Some commenters offered advice to help predict taxes on new-build homes.
"Always look at average property taxes in [the] area and expect to pay that," one said.
MORTGAGE MAYHEM
Mortgages present significant costs for many homeowners.
A couple in Mobile, Alabama recently shared their own mortgage troubles.
They said they felt trapped by high interest rates.
Because they have a cheap mortgage currently, moving would require their expenses to go up.
Some experts call this the "golden handcuff effect."
One early retiree was forced to reevaluate his plans thanks to his mortgage.
A New Hampshire couple found themselves unable to downsize.
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