Here’s Why Your Payment INCREASES AFTER You Buy A House
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0:00 My Friend Texted Me This
0:49 Your Mortgage Payment
5:06 This Makes It Go Up
10:20 What Doesn't Change
11:39 So Renting Is Better?
13:48 What You Should Do
16:52 Get Started
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.
@KasandraWilliams 16 күн бұрын
My number one take-away from this is to stay away from HOA and new construction homes.
@WinTheHouseYouLove 16 күн бұрын
HOA's are often garbage. New construction is fine, but you'll want to confirm that the tax estimate is realistic
@wesleyweber8488 15 күн бұрын
I don’t mind new from a reputable builder, matter of fact, after two “needs a little work” houses, I would prefer new. HOA, that’s another story. I’d take a free home where there is a HOA, and it would be on the market that same day. I’ll be damned if I will pay someone to tell me what I can and cannot do in or to my own home. I understand the need for one in certain situations, just not for me.
@diegolara4202 16 күн бұрын
I live 35 mins from Dallas and my payment has actually come down due to property tax rate cuts and me finding lower home owners insurance. It started at $1748 and is now at $1682. This includes the loan, property taxes, PMI, insurance etc.
@WinTheHouseYouLove 16 күн бұрын
Ooh that's awesome!
@alejandrinoflores8793 16 күн бұрын
Hey Diego, what company do you use if you don’t mind me asking. I live in Dallas as well and I’m looking to get homeowners insurance on a recently purchased home. Thank you in advance!
@diegolara4202 16 күн бұрын
@@alejandrinoflores8793 I have Farmers. My 1856 square foot home is covered at $1200 for the year. My previous insurance was going up to about $1600. Who knows what Farmers will come back with this year but I'll shop around again. I'm not loyal to any insurance company. I do the same with auto insurance.
@kariemmcfarlin5897 16 күн бұрын
Try Costco insurance and also mercury had a very good prices for DFW
@diegolara4202 16 күн бұрын
@TheR3alRyan yes east of Dallas.
@postalpancho 16 күн бұрын
I can confirm the very first text from his friend. Financed my home 8 years ago. Start at $1580, and over the years it has increased more and more. Now my home is $1870/month. For me to buy my exact same house now would be $2500-$2600/ month. I’m still in a good position and have over $120k in equity but there’s no point in selling because I’d just be having to buy another over priced house. For those waiting on the sidelines, the sooner you buy the better off you will be in the future. It takes time but eventually you will save a lot of money.
@Steven_Star 16 күн бұрын
don't agree with your last statement that the sooner you buy the better off you will be. Now is the time to sell, if you want to sell. its a seller's market (varies some depending on locality), but it is quickly becoming neutral with more houses flooding the market. eventually we will hit a buyers market, and that is the time to buy. in roughly 6 to 18 months, there is at least a 40% chance for a recession. its not guaranteed, but its within the realm of what is possible. renting might be the cheaper option still. some people are choosing to live the van-life.
@kodirodriguez7776 16 күн бұрын
it pays to wait.... in 2013 bought a short sell for 40k cash, now it's worth 300k, I'm doing the same now, I'm waiting, we won't see the real effects of this economy in the real estate market until 2-3 years from now
@WinTheHouseYouLove 14 күн бұрын
That's frustrating for sure!
@LisaJones-lg8lu Күн бұрын
@postalpancho that's true my husband and I was go buy a brick small 3bed home 2bath hardly no back yard and at the end the numbers went from 1400 to almost 3 thousand a month. We change our mind. I'm not paying 3 thousand for 30 years. Too much cause the monthly payments will increase every year. Not getting in that debt like that🤔🤔
@Lyss885 16 күн бұрын
My mortgage went up from 4700/mo to 5700/mo in two years. All from property taxes. I had no idea the reassessed value changes to the sale price after you buy. But no one owns a home in my family so I have learned everything firsthand.
@onode797 16 күн бұрын
What do you mean by “The reassess value changes to the sale price”. Can you please explain? Thanks
@Lyss885 16 күн бұрын
@@onode797 the county assessor comes out and determines the value of your home. Based on the value that they came up with “the assessed” value is how you are taxed. Whenever they reassess your home value, it’s the “reassessed or new assessed value”.
@Shun_Lovette 16 күн бұрын
@@onode797 happens a lot w/ new builds. First year estimated tax is only on the land. So dirt and rocks. Next year, the new assessment will include that new house And land that has also built more value. Now the reassessed value results in either a shortage in escrow or pay it all at once which is more than likely 10’s of thousands.
@smellybut33 16 күн бұрын
Did you have a new build?
@retrogamer9999 16 күн бұрын
Real Estate agent or mortgage agent didn't tell you? They just out for their commission. My property tax went up 6k over 15 years.
@darrell_dee97 15 күн бұрын
Don't forget to file for your "Homestead Exemption" if your county has it. I'd also add that in some states and by county, if your property taxes include school taxes you can file for exemption when you turn 65. Where I live just outside metro Atlanta, the school taxes are half of the property tax bill. The savings would be significant once you've reached this milestone.
@WinTheHouseYouLove 14 күн бұрын
Great addition :)
@daphyneshine3222 16 күн бұрын
I remember when my mortgage in 2009 was $675. Now 15 years later my mortgage is $1068. State of Georgia. It’s still not bad.
@NYCAppl3 15 күн бұрын
🙌🏾
@WinTheHouseYouLove 15 күн бұрын
Thanks for sharing!
@LisaJones-lg8lu Күн бұрын
@daphyneshine3222 that's good but 15 years layer and the mortgage not paid off🤔 must be for 30 year mortgage
@Think_harder_please 16 күн бұрын
Totally unrelated, but your voice is so soothing!
@mamatosh05 16 күн бұрын
Yes, his voice is soothing. I clicked on this already knowing this information & was ready to click out, but his soothing voice kept me. Also, I like hearing how other people break down why your mortgage changes over the years. He explained it so well.
@NYCAppl3 15 күн бұрын
Yes, he has a beautiful voice (great for late night easy listening radio or voiceovers) 👍🏾
@WinTheHouseYouLove 14 күн бұрын
Thank you :)
@TheKlh54 12 күн бұрын
Totally agree. It’s goes a long way when you modulate your voice!!
@laceycochran5244 15 күн бұрын
I had house reappraised contacted mortgage lender removed PMI, and escrow. I now put aside my own money monthly and make 1 time a year payments for property tax and 1 time a year insurance payment. THEY NO LONGER CONTROL MY PAYMENTS. I essentially pay same monthly payment and control my escrow. ❤ I'll never have escrow again!!
@WinTheHouseYouLove 14 күн бұрын
Awesome!
@InvestWithFFI 13 күн бұрын
I plan to do this as well.
@Itzryan288 16 күн бұрын
Hallandale Beach, FL Duplex Bought in 2022 with FHA loan 2022 $4,000/mo 2023 $4,200/mo 2024 $4,800/mo It was a surprise to say the least.
@ERoss338 15 күн бұрын
Mine jumped from 3400 -4250 mo
@WinTheHouseYouLove 14 күн бұрын
Oof that's rough!
@Heavyperro 16 күн бұрын
In AZ, the tax roll is two years behind. If you buy a new build, the taxes that are calculated are based on the value of the property two years before. This means that during the first two years your taxes will be super low and on year three you will begin paying taxes based on your homes value. Unfortunately, as an added bonus you will also have to deal with your mortgage company taking additional money out because you’ll be short and they will calculate for additional taxes the following years. My mortgage in 2021 was $1,400. In 2023 it went up to $1,700.
@WinTheHouseYouLove 14 күн бұрын
Bummer!
@mamatosh05 16 күн бұрын
You explained that well. They should explain this during the process of signing your closing papers or your approval. I learned this after my payments changed. Thanks for explaining it so well.
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@guevarasamson1165 16 күн бұрын
This our second year of first time home ownership on a new construction and each year our house payment has been lowered because our lender over estimates our taxes. So each year so far we've received a surplus check from our escrow account! so I'm glad they qualified us from the get go by OVER estimating taxes.
@WinTheHouseYouLove 14 күн бұрын
Great!
@baileyjohn5010 16 күн бұрын
Yup mine went up by $1K lol… my insurance went up by $2K and then I had an escrow shortage. My lender then told me.. ohh even though your escrow short only by $2K, each month your monthly payment is now $1k more because we have to include a “cushion” in each month … lol makes no sense. I’m trying to get a lower quote
@WinTheHouseYouLove 14 күн бұрын
Thanks for watching!
@lm12cm 16 күн бұрын
Wow! I’m listening through my airpods and your video’s sound quality is the best! I was able to multitask and still listen well to your video!
@WinTheHouseYouLove 14 күн бұрын
Thanks!
@alittlerayofsunshinee 16 күн бұрын
This video was extremely informative and easy to understand. Thanks for explaining cause this is all so very new to me!
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@gingerkilkus 14 күн бұрын
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
@solologging2488 16 күн бұрын
Main takeaway is don’t take the maximum amount you qualify for! YOU WILL EVENTUALLY BECOME HOUSE BROKE!
@RonalMorillas 16 күн бұрын
Can you explain how come? For time home buyer, still looking
@ChiChick312 15 күн бұрын
As a newbie, can you explain why someone would take out more than what they need? What do they do with the extra?
@solologging2488 15 күн бұрын
@@ChiChick312 what i was referring too is when the bank tells what your approved for is not necessarily what you can afford…some will approve up to 55% of your income! That coupled with increasing taxes and insurance would land you into the poor house
@solologging2488 15 күн бұрын
@@RonalMorillas if you take the maximum loan amount and it’s @55% of your salary you will literally end up working just to pay your mortgage! If property tax and homeowners insurance increases it can lead to you choosing between groceries or mortgage 😞
@vjb488 15 күн бұрын
Very good advice!
@volvo8938 14 күн бұрын
Thank you for sharing this, people are completely misinformed on this topic and think they have fixed housing costs for 30 years
@WinTheHouseYouLove 10 күн бұрын
Thank you so much for watching!! :)
@MrDee001 16 күн бұрын
Great info. I wished this had been explained to me years ago as a first-time homebuyer.
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@zdwade 14 күн бұрын
Well said and explained. Do not shop insurance every year. Insurance companies will charge more when you shop all the time. Plus that new policy comes with new inspections that could prompt 1000s in repairs out of pocket
@WinTheHouseYouLove 14 күн бұрын
I've never heard of either of those things happening and can't find anything online that points to that being true. Can you provide a source to back this up?
@pennymarmar 16 күн бұрын
So much info 🤯🤯 it's like penalty for owning property
@WinTheHouseYouLove 16 күн бұрын
It's definitely frustrating
@patrickbledsoe2176 16 күн бұрын
they don't want you to own anything ( unc sam)
@vjb488 15 күн бұрын
Insurance rates are unbelievable and the companies are combining or becoming affiliates making less competitors . Your mortgage company requires the insurance but find out ifthey require replacement insurance because the prices are super high! and there may be other options.
@brownsugar2u 15 күн бұрын
Thank you for always making the most thorough videos. Great job!
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@kingofsalty9224 16 күн бұрын
I purchased my home in 2023, and in 2024, my mortgage payments increased by $85. I believe this is due to an underestimation of property taxes. I haven't had the time to investigate the details yet. However, I was able to protest and lower my taxes for this year to match the value I paid for the home, instead of being taxed $20k more than the purchase price. I need to allocate some time to review the specific numbers, but I'm wondering if this protest can reduce my payments next year, considering I didn't have the chance to protest the taxes last year. Additionally, I'm curious if refinancing in the future could be a viable option to lower payments later on.
@WinTheHouseYouLove 16 күн бұрын
At the end of each year you should get an escrow analysis detailing what changed that can help you figure that out :) And yes, refinancing into a lower rate can help reduce your monthly payment
@ebonyqueen86 16 күн бұрын
@WinTheHouseYouLove does refinancing cause your loan to “start over?” Let’s say I’ve paid half of the loan do I need to start with a new 30 year loan?
@WinTheHouseYouLove 15 күн бұрын
You can always get a shorter amortization time when you refinance (e.g. 25 years instead of 30)
@user-ym6dl8tq6u 15 күн бұрын
Best real estate channel on KZfaq!
@WinTheHouseYouLove 14 күн бұрын
Thank you!
@bos-lifetrucker9868 16 күн бұрын
Bigg up thanks for what you do keep it real with the mass education is important when you're purchasing a big price tag...
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@keywestalert6329 10 күн бұрын
Bigh up ya self. Mortgage prices explode. Ya hear?
@dariahutchinson2262 10 күн бұрын
Great video!! Thank you so much! Finally a true teacher!
@WinTheHouseYouLove 10 күн бұрын
Glad it was helpful!
@hevinamber 15 күн бұрын
Very nicely explained. Would have been nice for you to clarify to those who may not know, the more you make principal only payments, the lower your overall principal balance will be which means more of the regular monthly payment will go towards principal so the principal that is taken out of a regular payment does fluctuate based on the overall balance of the mortgage ❤
@WinTheHouseYouLove 15 күн бұрын
Good point! I can see how the way I explained it was confusing. The total of Principal and Interest are fixed. But independently they change over time.
@hevinamber 14 күн бұрын
@@WinTheHouseYouLove Yep 🙂
@brnjones9 15 күн бұрын
Just want to say I am so happy I was able to use my VA. Thankfully it's Principal, I terest and taxes. Started at $1250 in 2021. I was purposely adding $100 extra each month. Last year 2023 it went up to $1350 due to taxes. Fine I was already used to paying that anyway. This year when I got the escrow letter it begins by saying, "your payment has increased and here is why." Normal, But it actually went down $60. Once I read the actual printed part for me and the half letter of generic words including your payment went up, I called to confirm. My insurance has been pretty stagnant,only minor increase I can't even remember But renting would've been min $2000 a month before utilities (not in a great neighborhood either). So glad I made the decision and could afford to buy just before the interest rate took a hike up. Definitely don't max out or get an ARM unless you got super long money
@WinTheHouseYouLove 14 күн бұрын
Thanks for watching!
@misterogers9423 16 күн бұрын
The opposite thing might happen when the taxes go down if certain markets crash or if you protest your taxes.
@Steven_Star 16 күн бұрын
its a good idea to double check what metrics they are using to assess your taxes. protesting them is certainly an option, seems they just don't get alot of protests and want to raise 5% or more too much. then they use the wrong starting point. my friend said he had to protest and explain why what they were doing wrong for 5 years straight. each year, same thing. and he would of kept proesting every year. most people don't protest, and that is what they are counting on. make sure you aren't being cheated.
@WinTheHouseYouLove 14 күн бұрын
Possible
@dinar471 15 күн бұрын
A lot of people don’t know their payments will increase, and it’s especially sad when people buy on the higher end of their budget, and then get a shock a year or two later.
@WinTheHouseYouLove 14 күн бұрын
For sure
@viltheegr8334 16 күн бұрын
Same thing happened to me what you have to remember is when they do the assessment in regards to a new build you’re literally just paying taxes on the lot your home will be built on. After your home is built that’s where they get you
@WinTheHouseYouLove 16 күн бұрын
Yep! Lenders are supposed to estimate property taxes based on the home's value, but that doesn't always happen
@kenjordan5750 14 күн бұрын
My Homeowners insurance was not in my house payment. I bundled it with my car and life insurance, and got a discount. Never had an HOA until I retired to a 55+ community. HOAs suck.
@WinTheHouseYouLove 14 күн бұрын
Thanks for watching!
@Laroc1982 11 күн бұрын
Can you offer an explanation as to why we were told for years this exact thing? That one of the benefits of home ownership was a fixed monthly payment in terms of the mortgage payment? Why people who have owned their homes since the 80s, 90s, and 00s brag about their mortgage only being $700 or $800 a month? Why the sudden change? And if the mortgage payment can change, how does that make it any different from an adjustable rate mortgage?
@WinTheHouseYouLove 11 күн бұрын
Fixed payments have always been like this. Your principal and interest stay the same if it's a fixed loan. Your mortgage company doesn't control property tax or homeowner's insurance.
@tdvh2181 14 күн бұрын
Thankfully, California has Prop 13. Your property tax is based on the purchase, regardless of market value. it CAN go up, but no more than 2% of the tax that you are paying that's based on the purchase price. So if you bought your property at $600K, your property tax is set at 6K for perpetuity and can only go up at the max of 2% of the 6K. This tax rate can even transfer to your children if they inherit the house and have it as their primary residence. My coworker inherited her childhood home that her parents purchased in the 80s for 200K. The house is worth over a million now but her property tax is still based on the original purchase price of 200K that her parents were paying. There's some caveats, like if you refi then the tax goes up to assessed value at that time and stays there until you refinance again, but that's Prop 13 in a nut shell.
@WinTheHouseYouLove 14 күн бұрын
Thanks for the addition here!
@InvestWithFFI 13 күн бұрын
Did not know that. That’s really great.
@Playingwithproxies 12 күн бұрын
Great sounds like the only positive thing in California at least for home ownership
@tdvh2181 12 күн бұрын
@@Playingwithproxies Also: - The amazing weather and diversity in terrain: beach, mountains, forest, desert all close bye. - Employee protection. - 12-weeks parental leave (paid at 60% of your salary. You can use vacation time to offset the difference so you get a full check if you need it. I took 7 weeks myself). - Diversity in cuisine. - Pretty good veterans benefits. The Cal Vet program lets children of disabled veterans with a service connection rating of 0% and over go to any state college or university (UC or Cal State) for free. They will only pay for books and parking. Spouses get the same as well. Now, CA has MANY flaws, but as a homeowner, a father, and disabled vet, who is fortunate enough to live in a safe superb with excellent public schools, I'm staying as long as I can and making the most of the benefits of living in CA. It's a pay-to-play state.
@captainviper3888 15 күн бұрын
Finally!!! Thanks for this video
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@voip4life 16 күн бұрын
6 years ago started at $1331 a month, today it’s down to $1301. PMI dropped off somewhere around the 3 year mark. Guess it’s where you live and how extravagant your home is.
@WinTheHouseYouLove 15 күн бұрын
Great!
@lindaadams1008 16 күн бұрын
I recently saw some over priced cookie cutter homes selling for four and five hundred thousand dollars...😳
@WinTheHouseYouLove 15 күн бұрын
Whew!
@JebSmith 9 күн бұрын
Great video, Kyle.............
@WinTheHouseYouLove 8 күн бұрын
Thanks!
@bonafidesagG88 15 күн бұрын
My mortgage increased from $1429 to $1776 within the first 5 months of me closing. I'm a disabled vet so I don't pay taxes and I've been trying to figure out what happened
@WinTheHouseYouLove 15 күн бұрын
Oh no! Definitely contact your mortgage company to see what's going on
@bonafidesagG88 15 күн бұрын
@@WinTheHouseYouLove I definitely will. Thanks.
@Rushpatil Күн бұрын
I live in California and my mortgage payment has been actually decreased by $400 in one year
@meitch710 15 күн бұрын
I always see new buyers maxing themselves out not knowing their taxes are gonna double based on what they bought it for
@WinTheHouseYouLove 14 күн бұрын
Maxing out is never a good idea
@spiritualcosmeticss 16 күн бұрын
I wish I had known all this before we bought our house. Learned this the hard way. Went through housing counseling and no one said anything about this.
@WinTheHouseYouLove 14 күн бұрын
Oh no! Thanks for watching :)
@PatrickStar12341 16 күн бұрын
Bought in 2022 located in rural Indiana, payment has since gone down by over $100 per month over the last two years… 😮 Turns out the home used to be a rental before it was flipped, so taxes were inflated in previous years and my escrow went way down. 🤷♂️
@WinTheHouseYouLove 14 күн бұрын
Oh great!
@melodyanderson7914 10 күн бұрын
Yes my monthly payment went up after a few years, stayed the same, then went up again for another year or so and then it went down a couple hundred but it’s still higher than when we bought this house 8 years ago.
@WinTheHouseYouLove 10 күн бұрын
Thanks for sharing!
@makeibalove2081 16 күн бұрын
Kyle i was lucky thank God. I bought in 2023 in 2024 it only went up by $5. Unbelievable i hope it stays low.
@WinTheHouseYouLove 16 күн бұрын
Glad to hear!!
@NYCAppl3 15 күн бұрын
Does it ever go down naturally (outside of new construction)? I received something from the county recently and an opportunity to amend the assessed value. When I called, the representative explained that I could freeze my amendment valuation, but after the 3 year period, there could be a jump in the monthly mortgage rate because the property's value could increase significantly.
@darrell_dee97 15 күн бұрын
That's interesting, normally you'd have to file an appeal on your property taxes to get this offer. At least that's how it is in my state (Georgia). But it's correct, there would be a freeze on the assessed value but not the actual taxes as they can still increase over the 3 year period but not as much as it would without the freeze on the assessed value. Also in some states, if your property taxes included school taxes you can file for exemption when you turn 65. Where I live the school taxes are half of the property tax bill.
@NYCAppl3 15 күн бұрын
@darrell_dee97 Yes, that's correct. That's exactly what the rep told me. I meant to say appeal, not ammend 🙃.
@WinTheHouseYouLove 14 күн бұрын
The mortgage rate is never changed by property taxes
@RussFoote 15 күн бұрын
In our area people who bought their house decades ago have far lower tax fees and lower interest rates. It really helps renting.
@WinTheHouseYouLove 14 күн бұрын
Great!
@julieanncheshire9960 14 күн бұрын
I bought a house at the end of 2022 in Oregon and my payment went DOWN after the first year and I got an escrow rebate. I live in a new area and the taxes were overestimated. I do expect that things will creep up slightly over the long term.
@WinTheHouseYouLove 10 күн бұрын
Awesome!
@a552bcx 16 күн бұрын
this is like a car loan with a fixed monthly payment for the 72 month or less term period. car insurance and car property tax is payed separately which will always go up.
@WinTheHouseYouLove 14 күн бұрын
Kinda!
@boroqcat 16 күн бұрын
As a homeowner of 10 years, housepoor for at least 8 of the 10, I can confirm. Sending this as a PSA to all my younger relatives getting up to home buying age.
@WinTheHouseYouLove 14 күн бұрын
Thanks for the addition!
@lkd06 15 күн бұрын
I don't understand why people would roll their insurance, HOA and tax into an escrow, just pay for these things separately
@MichaelOrtega 15 күн бұрын
People are not aware they have that option. I didn't know I could do that. The lenders and lawyers just say "sign here, here and here". When you first buy a home, there's a lot of things you don't know.
@darrell_dee97 15 күн бұрын
The escrows are there because the average homeowner would have trouble coming up with that tax bill in one lump sum toward the end of the year. Go back through the comments and see how most had no idea their mortgage would increase over time as their home values increased and HOI premiums increased. Many would be off caught guard without the escrow and getting a big bill all at once. You have to be fiscally disciplined and consistent to go without escrow.
@dinar471 15 күн бұрын
@@darrell_dee97 yup, plus most lenders have requirements before you can even get out of an escrow since it’s riskier for them, they are no longer in the mix with paying the taxes and insurance and have to trust the homeowner to do it themselves for 30 years.
@WinTheHouseYouLove 14 күн бұрын
It can be required based on the way the loan is set up
@user-kk3qg5el1m 13 күн бұрын
@@dinar471facts!
@jamesmorrow4991 14 күн бұрын
When buying a condo does the property tax go up? Also is the taxes paid in the monthly cost for the condo?
@WinTheHouseYouLove 10 күн бұрын
It can go up the same way any house does. Yes, if escrowed
@PandoraBear357 13 күн бұрын
Mine went up in 2022 and 2023, because of all the house buying frenzy and people paying over asking price drove property values up, but it went down this year. We're back to our original payment of $938 a month.
@WinTheHouseYouLove 10 күн бұрын
Oh great!
@user-to4cx4td7f 11 күн бұрын
Bought in 2021 2021 1,527.72 2022 1,561.27 2023 1,547.79 2024 1,854.02 I have a shortage of about 2.5k. In 2022 the property tax went up to 4.7k. I called the city and they explained the reason for the increase and they recommended to file a special property tax refund. I got some of my money back. This year (2024) the increase is driven by my home insurance which went up by 1k. I called my insurance agent to either look for a new insurance with less premium or lower my current dues. Thankfully, I had my roof replaced in 2023 by the insurance and they gave me a discount of 1k for that reason. Insurance companies are technically trying to protect their nest since our weather is WILD in MN. 😅 The lesson here is: Ask around why you got the increase!!!
@WinTheHouseYouLove 10 күн бұрын
Thanks for sharing!
@cammgt3rs370 15 күн бұрын
I work with a bunch of people that don't even understand how this works. One employee told me his mortgage went down as years passed by.
@WinTheHouseYouLove 14 күн бұрын
Thanks for watching!
@venchenzo4493 16 күн бұрын
Also millage rates go up as well as assessed value, its why you see 20 to 25 percent increases in taxes. Absolutely disgusting.
@WinTheHouseYouLove 14 күн бұрын
Super frustrating
@ashuhegde 16 күн бұрын
It is mandatory to have an escrow account?
@WinTheHouseYouLove 16 күн бұрын
Conventional - usually required unless you have 20% down FHA - yes USDA - yes VA - no
@teribunker5223 16 күн бұрын
Escrow shortage EVERY year!HOA too!🤬
@WinTheHouseYouLove 16 күн бұрын
Oh no!
@greenfly0917 2 күн бұрын
Was just having this conversation with a friend. She said she calls up her mortgage company and throws a couple hundred in her escrow account either in those months when it's a 3 pay check month or when she gets her tax return to avoid the higher mortgage due to escrow shortage.
@superglen99 6 күн бұрын
Mine went down 😊
@chaselesser3191 16 күн бұрын
After 5 years mine has been going down, about $300 Or so. But home insurance is steadily creeping up.
@WinTheHouseYouLove 14 күн бұрын
Great!
@Laroc1982 11 күн бұрын
12:08 Don’t you see how this quickly becomes unsustainable, and how we are all being scammed? Both owners and renters? This is absurd.
@WinTheHouseYouLove 11 күн бұрын
I can understand your frustration
@-bu6kzL 14 күн бұрын
Do not bundle your mortgage with insurance and property tax through escrow. It is a waste of money, unpredictable, and negatively impacts your stats when applying for credit later. Just save on the side, earn interest, and pay the 3 bills separately.
@WinTheHouseYouLove 14 күн бұрын
Thanks for watching
@cheesemaster113 16 күн бұрын
You live there, go out and vote. Keep taxes low!
@fridder. 16 күн бұрын
It was explained to me like that's not a great idea. The problem is it's usually school funding (at least where I am in NY), and that decreased funding means decreased home values, so you're shooting yourself in the foot on that. The taxes here are insane - $15k for a $450k house, and trust me, there aren't many $450k houses.
@WinTheHouseYouLove 15 күн бұрын
Thanks for watching!
@keywestalert6329 10 күн бұрын
$1500 in 10/220, now $1700. Will move out and down size. For no reason other than we can't afford this house and we NEED equity to buy the next place so, make that a tiny home place. Just a box inside of a Chalked circle.
@WinTheHouseYouLove 10 күн бұрын
That's frustrating
@masoncnc 15 күн бұрын
I started at $2100 in 2003, now it's 2600. (Cash out refi😁)
@WinTheHouseYouLove 15 күн бұрын
Thanks for sharing!
@donniethesportsguy893 13 күн бұрын
Not applicable if its fixed interest rates and non escrow taxes and insurance.
@WinTheHouseYouLove 12 күн бұрын
Yes
@tryfelyn 16 күн бұрын
Can we pay the insurance and taxes separately and only the mortgage itself comes from escrow? That way we would only be surprised when the taxes or insurance premiums go up
@hevinamber 15 күн бұрын
Mortgage is separate from escrow, meaning it's broken up into (1) principal and interest, and then (2) escrow. In the escrow you have mortgage insurance, property taxes, and homeowner insurance.
@laceycochran5244 15 күн бұрын
Yes! Contact your lender and ask how to remove escrow. I did this and they required an apprasial. It's costly up front but worth it in my opinion! If your house appraises for X they will remove PMI. Be sure to specially ask how can I remove PMI and escrow!
@WinTheHouseYouLove 14 күн бұрын
Yes if you are able to waive escrow
@steveweixel6709 14 күн бұрын
I figured from just the title it was going to be because of escrow. I realize sometimes people don’t have a choice but I’ve always avoided it.
@WinTheHouseYouLove 10 күн бұрын
Good plan
@ReanuKeaves1 16 күн бұрын
My mortgage went up by $400 after my first year of living here on top of $600 escrow shortage being divided into 12 months. So $450 total. My mortgage is currently $4350 and I’m living paycheck to paycheck as it is.
@WinTheHouseYouLove 16 күн бұрын
What caused the $400/mo increase?
@ReanuKeaves1 16 күн бұрын
@@WinTheHouseYouLove My property taxes (Southern California).
@WinTheHouseYouLove 16 күн бұрын
Ahhh gotcha. That really sucks, I'm sorry to hear that!
@ReanuKeaves1 16 күн бұрын
@@WinTheHouseYouLove No worries. I’m very good at saving and budgeting. I’m able to save $600-$1200 a month so when the time is right, I can refinance and pay a lump sum. I’m attempting to pay $15k/year to pay off my home in 15 years.
@ML-yn1zz 15 күн бұрын
I had the same issue years ago. I took my taxes and insurance away from my mortgage holder. They were not happy about it, but I never had the same problem again. 😂
@WinTheHouseYouLove 14 күн бұрын
Great!
@georgejohnson7637 16 күн бұрын
If everything keeps going up, then insurance and taxes alone are gonna cost just as much as the full mortgage
@WinTheHouseYouLove 16 күн бұрын
Possible, but the increase is usually slow enough that it would take a while for that to happen
@MichaelHalsell 16 күн бұрын
@@WinTheHouseYouLove Historically, that’s been true. However, nowadays, consumer costs are fair game. Municipalities typically heavily depend on property taxes to meet most of their revenue needs.
@marcedwards7110 16 күн бұрын
That PMI is a great thing. I mean, what better way to make sure i make my payments than to INCREASE my monthly payment another $200-$300? And damn, if your credit is bad? You’re talking maybe $500-$600
@tesoro2250 16 күн бұрын
PMI is solely for the bank. It only benefits them. Remember the golden rule. He who has the gold makes the rules, and the borrower is slave to the lender.
@WinTheHouseYouLove 14 күн бұрын
I understand your frustration
@ForeignboyAK 15 күн бұрын
The more I learn about mortgages the more it’s looking like big scam
@WinTheHouseYouLove 14 күн бұрын
I can understand your frustration
@spooksyschannel3038 14 күн бұрын
You’re smart too. You see the scam also.
@celularphone 14 күн бұрын
Your taxes arw based on the value of your home compared to your neighbors. It has 0 to do woth your homes value. Of all the homes go up the same there is no change.
@WinTheHouseYouLove 14 күн бұрын
Property taxes use assessed value of the home
@MrsGator7 15 күн бұрын
We got an arm with our first home, then refinanced when rates bottomed out
@WinTheHouseYouLove 14 күн бұрын
Great!!
@MrsGator7 14 күн бұрын
@@WinTheHouseYouLove we started out with 6%, the rates were on the way down. Ended up with a 2.5
@InvestWithFFI 13 күн бұрын
How’d you know when they were done going down? Did you wait til they started going back up to refi?
@MrsGator7 13 күн бұрын
@@InvestWithFFI no they stayed at that rate for several years
@305dadecounty305 15 күн бұрын
Who pays the third party company to service your account?
@WinTheHouseYouLove 14 күн бұрын
The lender services it
@promotionaltoaster 4 күн бұрын
Property taxes NEED TO GO.
@spooksyschannel3038 14 күн бұрын
In addition to these fees you have utilities and maintenance costs too. So double the number per month essentially.
@Playingwithproxies 12 күн бұрын
50% more maybe not double assuming you can take care of most things
@WinTheHouseYouLove 10 күн бұрын
My utilities and maintenance costs are no where near the amount of my mortgage
@doyoump 16 күн бұрын
🔥🔥🔥
@WinTheHouseYouLove 14 күн бұрын
Thank you so much for watching!! :)
@celularphone 14 күн бұрын
You got the tax wrong. Your tax goes up from poloticians raising taxes. If the mill rate stayed the same it is unlikely the property tax would go up.
@WinTheHouseYouLove 14 күн бұрын
Property taxes are the millage rate x assessed value
@jaimebaca9439 14 күн бұрын
Do people not ever read their escrow statements? That’s the government increasing taxes. Local elections matter people.
@WinTheHouseYouLove 14 күн бұрын
Usually no
@austinevans8131 15 күн бұрын
Ur wrong if the rent goes up u can move plus u paying double to own a home just save the difference and u have good money
@WinTheHouseYouLove 15 күн бұрын
Yes that is an option. I presented data, data about rental increases, not my opinion
@vjb488 15 күн бұрын
Taxes, insurance, home repairs and maintenance are real sneaky characters!😂
@spooksyschannel3038 14 күн бұрын
I don’t see any incentive to buy a house.
@WinTheHouseYouLove 10 күн бұрын
That's ok
@Bushidough 15 күн бұрын
If you bury a family member on your property you will never pay for property tax again for that land!
@WinTheHouseYouLove 15 күн бұрын
🤔
@9994149919 16 күн бұрын
Thanks Kyle for the detailed explanation. If the escrow savings account is not yielding any value is it safe to void the escrow account with the lender and I take care of the escrow work?
@WinTheHouseYouLove 16 күн бұрын
You definitely can. Conventional loans will often require 20% down to waive escrows
@biblioholic7139 16 күн бұрын
If you don't put 20% down at purchase, some lenders will let you request to get rid of escrow once your equity reaches 20% based on property appreciation and outstanding principal. That's what I did as soon as I was able, more because I trust myself to pay those bills on time every time over a lender dealing with a bunch of different vendors/municipalities and their due dates than that the annual escrow adjustment amounts bothered me.
@vjb488 15 күн бұрын
I saw a video that explained some states get interest off of payments held in escrow. You may want to check with your state authority.
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