I think it’s typical to get a 5 year contract and having to renegotiate a new mortgage at the end of said contract. At least, it is here in Canada. Rate goes up, monthly payment goes up.
Mortgage payments cover insurance and taxes in addition to the mortgage itself. Unless you have a variable rate mortgage the portion of the payment going to the loan doesn’t change but the amount needed to cover taxes and insurance can.
How do you have a mortgage change price? I don’t get that? Both of mine haven’t ever changed.
I think it’s typical to get a 5 year contract and having to renegotiate a new mortgage at the end of said contract. At least, it is here in Canada. Rate goes up, monthly payment goes up.
Do you have 10, 15, and 30 year loans up there?
Mortgage payments cover insurance and taxes in addition to the mortgage itself. Unless you have a variable rate mortgage the portion of the payment going to the loan doesn’t change but the amount needed to cover taxes and insurance can.