What on my mortgage payment can change?

Your property taxes will adjust whenever your jurisdiction changes the assessment of your home.  They may also change if tax credits are added or removed, for instance credits for occupying the property as your principal residence.  Counties or cities will re-evaluate their tax rates, also, on an annual basis.


Your homeowner’s insurance will adjust whenever your insurance provider changes their rates.  You can also choose to add or remove coverage, whether it’s dwelling, personal property, or liability coverage.  Every few years it’s worth your time to see whether or not your homeowner’s insurance is still competitive.


Your mortgage insurance, if you have it, will decrease as you pay down your loan.


Your condo fee or homeowner’s association dues will change as your board makes budgeting decisions that affect all homeowners.  You’ll usually get advance notice of any changes.  Attend your board meetings!