The payment amount may have changed for several reasons, such as:
- Escrow: If your mortgage is escrowed, the monthly payment may change to reflect increases or decreases in taxes and/or insurance.
- Adjustable-rate mortgages (ARM): The interest rate charged may increase or decrease at a specific time and periodically, as agreed upon at the inception of your loan.
- Interest-only mortgages: These allow you to only pay interest on the loan for a preset, very specific amount of time. Once that time has elapsed, you’ll be responsible for making full payments, including the principal.
- Buy-down clause: If the terms of your mortgage include a buy-down clause for a specific period where the interest rate is subsidized by a third party, your payments could change. Over time, payments adjust so that you pay an increasing percentage of the original interest rate as defined in your loan.
For U.S. Bank:
Equal Housing Lender.
Deposit products are offered by U.S. Bank National Association. Member FDIC. Mortgage, Home Equity and credit products offered by U.S. Bank National Association. Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice.
U.S. Bank is not responsible for and does not guarantee the products, services or performance of U.S. Bancorp Investments, Inc.