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YOUR HOUSE PAYMENT ISNT ACTUALLY FIXED

@ryanwheelermortgagepro

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Why it worked

The video addresses a common misconception about fixed-rate mortgages, providing practical advice that directly impacts homeowners' finances. The use of clear on-screen text and a direct explanation makes the information easily digestible and shareable.

Summary

This video explains that a fixed-rate mortgage doesn't always mean a fixed monthly payment. It highlights that property taxes can increase after reassessment, leading to higher escrow payments, and advises viewers to ask their lender for the future payment amount including reassessed taxes.

Structure

1Intro: Fixed rate doesn't mean fixed payment
2Explanation: Principal and interest are fixed, but taxes and insurance can change
3The catch: Property taxes are based on previous owner's payment
4Reassessment: Taxes increase after reassessment
5Escrow impact: Lender increases monthly payment to cover higher taxes
6Advice: Ask lender for future payment estimate including reassessed taxes

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On-screen text

YOUR HOUSE PAYMENT ISNT ACTUALLY FIXED YOU GOT A FIXED MORTGAGE RATE PAYMENT CAN'T GO UP WRONG YOUR RATE MAY YOUR PRINCIPAL AND INTEREST IS BUT YOUR TOTAL PAYMENT MIGHT NOT IF YOU ESCROW YOUR TAXES AND INSURANCE INTO YOUR HERE'S WHAT CATCHES HOMEOWNERS OFF GUARD THE PROPERTY TAXES THAT YOU SEE WHEN YOU BUY BASED ON WHAT THE CURRENT OWNER IS PAYING BEEN FROM FIVE DEPENDING ON WHERE YOU LIVE TWO AFTER YOU BUY THE HOME THAT PROPERTY IS NORMALLY REASSED AT THE HIGHER VALUE NOW YOUR TAX BILL GOES UP AND IF YOU ESCROW YOUR TAXES YOUR LENDER HAS TO INCREASE YOUR MONTHLY PAYMENT TO COVER THAT GET HIT TWICE THE HIGHER PAYMENT THE NEW TAX BILL AND AN ESCROW SHORTAGE FROM THE PREVIOUS YEAR SO BEFORE YOU DON'T JUST ASK ASK YOUR PAYMENT LOOK AFTER THE TAXES ARE REASSED THAT'S THE NUMBER YOU NEED TO BUDGET AROUND OR JUST DON'T ESCROW AND MANAGE OWN AND YOUR PAYMENT WILL NEVER FOLLOW ME TO BE A SMARTER

Original caption

A fixed-rate mortgage does NOT always mean a fixed monthly payment. 🤯 Your principal and interest may stay the same, but property taxes and homeowners insurance can change. And here’s where buyers get caught off guard: The property taxes you see when you buy a home are based on what the current owner is paying. If the home gets reassessed after you buy it, your tax bill could increase — and if you escrow, your mortgage payment goes up with it. Sometimes you can even get hit with an escrow shortage AND the higher payment going forward. Before you buy, don’t just ask what the payment is today. Ask what it could look like after the property is reassessed. That’s the payment you need to be comfortable with. Save this if you’re planning to buy a home. 🏡 #homebuying #homebuyingtips #homeownershipjourney