There're a few reasons your monthly mortgage payments can change:
You have an escrow account.
The monthly payment may change to reflect increases or decreases in taxes and/or insurance.
You may have a buy-down clause in the terms of your mortgage.
For mortgages that contain a buy-down clause, the monthly payments may vary in their amounts.
Those amounts change over time by increasing the amount by a percentage of the original interest rate, as defined in your mortgage terms.
You have one of the following types of home loans.
*For interest-only mortgages, you'll have a preset amount of time to pay only the monthly interest charged. When that time is over, monthly payments increase with the addition of principal-only and/or escrow amounts. Review your terms for details.
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