If you are in a fixed rate mortgage, how can your mortgage rate increase from $1787.00 to $3322.00?
If you are not in a fixed rate mortgage and have a ARM, you have no business buying real estate.
I think the point was that Tom Smith may have bought a house in 2020 and he pays a fixed monthly mortgage of $1787. Meanwhile, Sam Jones just bought a house yesterday and he pays a monthly mortgage of $3322 for an equivalent house.
It’s not that Tom’s payment increased. It’s just that more recent buyers like Sam are getting screwed by Biden’s policies.
NEW purchases at 7% versus prior payments under Trump
Property taxes and insurance. Mine went from $1,550 to $1,975 simply because of a rise in property taxes and insurance premiums.
Taxes, insurance, PMI, in florida mandatory flood insurance. They also tack on 20% for next year so you have enough in escrow