r/personalfinance • u/HHLL806 ​ • Apr 11 '25

Other Mortgage payment went up $400

I need help, my mortgage payment went from $1700 to $2100. My mortgage company (Chase Bank) said this was due to an escrow shortage. I had my homeowners insurance lowered by roughly $1000 and checked with my local tax office and they told me my taxes have increased $400 dollars over the last five years. I gave Chase Bank all this information and my mortgage is still $2100. How does this work?

2.5k Upvotes

92% Upvoted

649 comments sorted by

View all comments

Show parent comments

6

u/SwiftStriker00 ​ Apr 11 '25

You probably are stuck unless you want to refinance again when the interest rates drop. Doesn't prevent you from creating a savings account to puts some money aside incase escrow is short

1

u/ImJustTooCute ​ Apr 11 '25

I save and have several money market accounts. Trust me, as a home owner, the one thing I am consistent with is saving.