fixed rate mortgage does property taxes go up every year and if so does your mortgage rate go up because of?

3 Comment(s)

1. Your interest rate does not change. Your impound account is adjusted to account for any tax increase which means your monthly payment may increase a bit.

   src50 | Feb 1, 2008 | Reply

2. You interest rate stays the same. The amount that the bank requires in escrow will go up thus your monthly payment.

   reenzz | Feb 1, 2008 | Reply

3. your tax rate is determined by your town assessment. This has nothing to do with your interest rate. That is fixed and will not go up. Basically what happens is the bank sends in your tax payment, the entity receiving that payment tells the bank they are short, thus the bank recalculates the escrow based on what the entity tells them your assessment was and your monthly payment becomes higher

   Jeromy W | Feb 3, 2008 | Reply

Post a Comment

You must be logged in to post a comment.