We just got a letter telling us our monthly mortgage payment is going down.

[GumboYaYa]

WooHoo, that is great news that I suspect lots of people are also getting this month. That has to help Kamala. On top of the jobs news and stock market, Trump is a day late and a dollar short.

[jimfields33]

1. You must have a variable interest rate.

Fixed interest mortgages won’t get an increase or decrease until January when they factor in property taxes and homeowners insurance.

[dsc]

9. Not necessarily January

my date for annual escrow adjustment is July. But it is once a year. Mine when down about $10 thanks to taxes being lower than expected but insurance going up.

[jimfields33]

10. I hope mine goes down. lol. Even 10 bucks would be nice.

The last few years has increased even after paying that little extra to get the monthly down. It was more than the previous years. Homeowners is the Main culprit.

[thinkingagain]

2. What is the reason?

I don’t recall hearing anything about mortgage payments and Kamala
So just wondering.

[DeepWinter]

3. My 20y rate

is fixed, but I got a Home Insurance letter saying my insurance is going down. No policy changes. That's unheard of.

[Bmoboy]

4. Variable rate mortgage?

[MichMan]

5. Never understood why anyone would take out a variable rate mortgage

[Jmb 4 Harris-Walz]

6. When the rates are HIGH, it makes sense to get a variable rate so you can benefit from when it lowers.

However, once it is reduced it’s also wise to refinance and get a fixed rate once you reach a rate that works for you.

[moonscape]

7. I did in 2004. Low rate locked

for 5 years years while rates were rising. Then, rates started dropping and every year it benefitted me.

I could not have refinanced on my retirement income. Just got into my place because of the adjustable. Just in the last couple/few years have my rates been higher than fixed, and I’ve been making additional principal payments so my 30-year loan is mostly paid off.

Lots of economic reasons people sometimes get an adjustable. That was mine.

[doublethink]

8. Me too this was about 2 months ago. And my Insurance also went down.

I have a fixed rate. Been contemplating paying the house off and boom. The lower payments made me hesitate till now. Stupid me just needs to stay on my plan and pay it off. I have decided to do it after the Election. Mid Nov.

When I got both letters separately, saying my mortgage rate and Insurance is going down I was like.... how the hell do they know I'd been contemplating paying the house off? I know they don't want to lose that 'month to month' interest but the trimming was uncanny. Anyway I'm in Cali.

Enjoy your lower payment!