{"id":66,"date":"2018-10-29T10:45:13","date_gmt":"2018-10-29T10:45:13","guid":{"rendered":"http:\/\/mortgagemodificationri.com\/blog\/?p=66"},"modified":"2019-02-05T03:13:02","modified_gmt":"2019-02-05T03:13:02","slug":"can-my-mortgage-payment-change","status":"publish","type":"post","link":"http:\/\/mortgagemodificationri.com\/blog\/2018\/10\/29\/can-my-mortgage-payment-change\/","title":{"rendered":"Can my Mortgage Payment Change?"},"content":{"rendered":"

When shopping for a home, most homeowners look for a mortgage<\/a> payment that the homeowners can comfortably afford. However, many first-time home owners may not realize that the mortgage payment on the home can actually change throughout the life of the mortgage. There are a few situations where the mortgage payment could change.<\/p>\n

The first way that a mortgage payment may change is if the mortgage is an adjustable-rate mortgage<\/a>. These types of mortgages have interest rates that change based on the current market. This means that the interest rate that a homeowner pays may change, although it does not have to.<\/p>\n

Even if the mortgage is not an adjustable-rate mortgage, there are other ways that the payment can change. In addition to the principal and interest amount, many mortgages include real estate taxes and insurance premiums. However, these two items can change, thus changing the mortgage payments. If taxes increase, then the monthly mortgage payment will be increased as well. Insurance premiums can change, because over time, it is likely that it will cost more to insure a home.<\/p>\n\n\n

The Mortgage Modification Center<\/h2>\n\n\n\n

\nEven if the change in mortgage payments increases by a little every year, over the life of a mortgage, it can add up to a significant increase. Homeowners may have been comfortable paying the original payment, but over time could struggle to make the increased payment. If your mortgage payment has changed, and you are no longer able to pay it, please contact the Mortgage Modification Center<\/a> at (401) 467-7998. Attorney John S. Simonian<\/a> has helped many families modify their mortgage<\/a>, and offers a free initial consultation to discuss your options.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

When shopping for a home, most homeowners look for a mortgage payment that the homeowners can comfortably afford. However, many first-time home owners may not realize that the mortgage payment on the home can actually change throughout the life of …Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[60,3],"tags":[29,28,4,17],"class_list":["post-66","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-modification","category-mortgage-modification","tag-attorney","tag-mortgage","tag-mortgage-modification","tag-rhode-island-bankruptcy-attorney"],"yoast_head":"\nCan my Mortgage Payment Change? • Mortgage Modification Center • RI<\/title>\n<meta name=\"description\" content=\"Some first-time homeowners may not realize that mortgage payments can change over time! 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