I'm stuck in my home and about to 'start cussing' after my mortgage rate increase – I don't know what's going on | XY04MJ2 | 2024-04-27 17:08:01
SOME Americans have been shocked to learn that their mortgage payments have spiked recently.
Several have shared their mortgage horror stories on social media.
One TikTok user @tavriofitness posted about her mortgage bill last month.
She said that both her and some of her friends had found that their home payments went up unexpectedly.
She also said it was beyond usual fluctuations.
"You got to be playing with me," she said of the price rise.
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Tavriofitness bought a new construction home in 2017.
Prices people pay their mortgage servicer often go up after an escrow analysis.
These are usually done yearly and reflect property tax rates.
The TikToker said her escrow payments have gone up significantly.
"My escrow is damn near the same amount as my principal and interest," she said.
That means her tax burden has gone up sharply.
<!-- End of Brightcove Player --> "I still am just floored."
It's not the first time her price has gone up, but she said it usually changes by less than $50.
"It's not the fact that it went up," she said. "But to be going up over hundreds per month? Over a thousand dollars per month? This used to be criminal."
"I'm about to start cussing," she said.
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The TikToker is not alone in facing spiking mortgage costs.
Another influencer, Whitney, said she was "bamboozled" into a costly mortgage.
"My mortgage went up a thousand dollars and I am not okay," she told followers.
Despite the high costs, she found her new-build home would be hard to sell.
A couple in Mobile, Alabama recently said they felt trapped by their home.
Thanks to a cheap mortgage, they would need to increase their expenses if they wanted to move.
This has been called the "golden handcuff" effect by some.
A New Hampshire couple has said they could not downsize thanks to their mortgage.
Another homeowner said they have been unable to buy a tiny home.
More >> https://ift.tt/1vf4Ebq Source: MAG NEWS
