MORTGAGE

Price of your fixed-rate mortgage has increased

By Ajay Pandit

Jan 18, 2023

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Many South Florida residents are experiencing sticker shock after learning that 

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their monthly payments will be increasing from mortgage lenders and then receiving warnings of a deficiency in escrow.

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This was the situation with Kenneth Rankel, 58, and his spouse, 

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who last week got notification from their mortgage lender that 

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their monthly payment will go up by around $323 due to a deficiency in escrow as a result of higher insurance prices.

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Rankel stated, "The insurance company issued us a notification that the insurance was increasing in November. 

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I simply wasn't sure how much it would cost.

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Many homeowners are getting letters that their monthly payments would be much higher this year owing to a deficiency in escrow. 

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This is mostly because insurance prices are rising, and in certain cases property taxes are rising.

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According to Stephen McWilliam, president and broker of Florida State Realty Group & Florida State Mortgage Group, 

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"I probably had personally had half a dozen calls on what's going on thus far in the last month.

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"They don't know why it happened, and all they can see is their rising mortgage payment."