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Why did my monthly mortgage payment go up?

There may be a few reasons that your monthly payment went up.

First, check the type of loan you have. Some homeowners believe that they have a fixed-rate mortgage loan, when they really have an adjustable-rate or some other type of mortgage loan that can cause your payment to change. 

Second, if you have set up an escrow account to pay for property taxes or homeowner’s insurance premiums, a monthly loan payment could go up because your property taxes or your homeowner’s insurance premiums went up. Your monthly payment includes the amount you have to pay into your escrow account, so if your premiums go up then your payment goes up.

Third, you may have been assessed fees that affected your monthly payment. Check your mortgage statement or any correspondence you recently received from your lender or servicer.

It is also possible that your servicer simply made a mistake. You can start by sending a letter to your servicer explaining why you think it made a mistake in calculating your loan payment.

You can use this Qualified Written Request (QWR) as a sample to follow:

Remember to:

  • Make sure that your QWR is sent to the address that the servicer uses for receiving QWRs
  • Send the QWR separate from your mortgage payment
  • Send the QWR certified mail, return receipt requested so you will have confirmation that your QWR arrived
  • Continue to make your scheduled mortgage payments

Tip: Use this checklist to see what steps you can take to make sure your mortgage is on the right track.

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