New homeowner here. We financed our new-to -us home through Caliber Home Loans (previously known as Cobalt Mortgage). We were thorough, and asked our agent a billion "what if" questions. He spend a significant amount of time assuring us of our terms with this home loan. We bought our house in Sept. 2015 for approx $230,000 at 3%. It's a very old house, constructed sometime between 1880 - 1918. Our payment this whole time has been $1,447.
I got a notice in the mail stating there is an escrow shortage of $3,323.51 and our payment will increase to $1913.52 beginning April. Wtf? I panicked and read a little about small increases due to escrow, and sometimes very "large" ones like a whopping $70! But.... $465?!
The difference is just too large. This extra money does not exist.
Are mortgage payment increases like this common? How could this miscalculation happen? If it's an increase in insurance or taxes, how could they have increased by that much? It doesn't seem right. Helppppp
Submitted February 13, 2017 at 03:18PM by Namooofin http://ift.tt/2kpP4dh
