Probably the payment went up because of the taxes or insurance. Or maybe they didn’t have an escrow account and didn’t pay taxes or insurance and it was force placed.
If you have a variable rate it could also go up for that reason. But most people when rates were low had fixed rate mortgages.
uranibaba@lemmy.world 8 months ago
Could be fixed rate that expired and had to be renewed, but with a new rate.
Alexstarfire@lemmy.world 8 months ago
In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.
uranibaba@lemmy.world 8 months ago
How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?
Alexstarfire@lemmy.world 8 months ago
Yes, though I’m not sure what you mean by not paid. You have monthly payments for the loan.