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big20x t1_iybjz1j wrote

Welcome to the American dream home ownership. Your house payment consists of your loan, home owners insurance, and property taxes (if you have those). While the loan payment might not change the last two can and do throughout the life time of the loan. No one tells you that though. So while you are told a payment of 1200 per month next year you it can go to 1800. So let's say the government appraised your property at 50000 you bought it for 100000 that first year you pay taxes on the 50000 and bam next year you pay it on 100000, the value increased, taxes go up, and so does the insurance costs. There's you 600.00. Pretty messed up huh?

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Nick_86 t1_iybkm78 wrote

It is depends on state, some states NY, CA, OR appraise based on purchased price

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NachoDog1000 OP t1_iybktck wrote

I do live in one of those states

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Nick_86 t1_iyblujv wrote

Contact loan officer, 600$ per month sounds steep, 600 per 6 month okaish

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