The Hidden Factor Behind Your Rising Mortgage Payment
Published | Posted by Dan Price
Are you a homeowner or planning to buy a property? Do you know why your mortgage payment can increase even if your interest rate stays the same? The answer lies in property taxes, which can impact the amount of money held in your escrow account. Understanding this important concept can help you budget and plan for the future.
In our latest YouTube video, "The Hidden Factor Behind Your Rising Mortgage Payment | Why Property Taxes Drive Up Escrow Payments," Team Price Real Estate reveals the hidden factor behind your rising mortgage payment. We explain how escrow accounts work, why lenders require them, and how property tax rates can fluctuate over time.
In Texas, property tax rates can be especially tricky to navigate. Even when the market value goes down, your tax assessed value may still go up because of the 10% homestead cap. The assessed value will "catch up" with the market value even when prices are going down. This means that your property tax bill can increase even if your home value decreases.
By understanding how property taxes impact your mortgage payment, you can plan and budget accordingly. It's essential to stay informed and up-to-date on any changes to property tax rates in your area.
Check out our YouTube video, "The Hidden Factor Behind Your Rising Mortgage Payment | Why Property Taxes Drive Up Escrow Payments," to learn more. Don't miss out on this informative video! And be sure to visit teamprice.com to stay up-to-date on all things real estate.
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