House Payment Going Up Not Down
I just got my escrow analysis statement from my mortgage company. Since my homeowners insurance premium was so high last year, my escrow balance is below the minimum allowed. To prevent that from happening this year, my mortgage payment is going up $60 per month starting October 1, 2007. That means I’ll be paying an extra $720 into escrow this year.
Next year I’ll have an escrow overage, and my house payment will go down again next year.
$720 more in mortgage payments, and I need to add $6550 to my emergency fund in case of hurricane damage. I’m afraid to ask what’s next.
Damn.
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