Realities and Myths of Owning a Home

Reality: Your Mortgage Payment Could Change

8. Reality: Your Mortgage Payment Could Change

Even if you agree to a fixed interest rate mortgage at the time of purchase, your mortgage payment has the potential to change over time. Your principal and interest payments are fixed while your taxes and insurance can fluctuate throughout the course of repayment. For most, property taxes go up every now and again, and because these are a part of your total monthly mortgage payment, you may experience an increase from time to time. The same can be applied to insurance premiums.

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