What they don’t tell you about getting a mortgage

We have had two mortgages: we bought our place in 2009 and we refinanced in 2012. Having bought around the time the economy crashed with Adjustable Rate Mortgages behind the wheel, both times we went with super safe fixed rate 30 year loans.

And both times our mortgage payment unexpectedly went up because our escrow account was going to be short. Once it went up by $50, and once it went up by $140. Both times it was within less than a year of closing on our loan.

Lenders, get your shit together. Our escrow is going to be short because our property taxes went up…a change that was passed by voters well before we closed on our loan.

It’s fine, we can afford to pay it, but since I track every cent of our budget using Mint, I can’t help but think of it as $50 less we’re going to put in savings each month, $50 less we need to spend on beer each month, or $50 less on clothes. Boo.

 

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