May
15
Mortgage problems need more help?
By
For each mortgage there is a clause that you must have property insurance. Mine is escrowed in so it will be a little easier on paying. But the cost of insurance and property taxes is nearly the same as the mortgage payment. I pay $724 a month. Subtract the fixed mortgage payment and that leaves $329 a month I pay for insurance and taxes. I have no claims on my insurance with State farm. This cost has been going up around $100 a month with each passing year.
In 2002 my payments was $412 a month. Today my payments are $724
Home value in 2002 was $69,500
Property taxes for 2008 was around $600 after property tax relief adjustment.
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6 Comments
May 16th, 2010 at 6:38 pm
you have an ARM
May 19th, 2010 at 1:11 pm
My insurance is about $80 a month, unless you’re in a Hurricane zone, flood plain or wildfire prone area yours shouldn’t be much more. Your property taxes must be very high, I don’t think you would have to pay $3,600 of insurance unless your house is worth well over $1 million.
May 20th, 2010 at 12:08 am
State Farm was one the insurance companies that had a lot of polices that where hard hit during Katrina and the other hurricanes that year, just like everything else we are paying for the claims that where paid even though we didn’t have any ! It sucks, but that is how it works !
May 21st, 2010 at 2:29 pm
Can’t be $100 a month for insurance alone. Your property taxes are much higher than the insurance. I am an agent and rates have been coming down recently. Shop it.
Interesting how so many people finally understand how much the government takes once they own a home. You pay property, state and federal taxes. Add in sales taxes on every single level and they pretty much get their hands on every dime.
May 23rd, 2010 at 12:33 am
Double check your loan and make sure you have a fixed rate loan and not an adjustable rate mortgage. Also, you can shop around for home insurance and change carriers without hurting your mortgage. The insurance company will help you switch it over with the bank or mortgage company.
Insurance may depend on where you live. In Texas, all of our insurance payments went up even though we are way north of the hurricane zone. Shop around your rates and see what you can find. Pay close attention to what it covers and replacement value vs insured value.
May 26th, 2010 at 12:18 pm
you have to shop insurance companies as some took big hits during Katrina and other storms they pass this on to you, sometimes you can get a discount if all your insurance is under one roof, Progresive, Gieco, Amer Family, All State and others offer this