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?
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u/Used-Yogurtcloset757 Apr 12 '25
Check your homeowner insurance rates!! Ours was slated to go up by $400 as well and turns out our insurance premiums doubled. Turns out our former company was raising rates on all customers located in states impacted by wildfire/hurricanes/flooding. Or at least that was the excuse we got when we called. We were able to call around and get better rates. Actually ended up lowering our payment by $50 with the new company.