On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To Increase

For many homebuyers who are new to the market, it can be very comforting to be on a fixed rate mortgage where fluctuating interest rates cannot have an impact on your monthly payments. While a variable rate mortgage can sometimes lead to significant savings at the end of the day, there are a few ways you can tell if your monthly payment is on the upswing.

An Increase In Your Home’s Value

A marked increase in a home’s value is ideal for most homeowners who consider their home an important investment. However, the downside of an increase in the price of real estate is that your property taxes will probably be bumped up along with it. According to Josh Moffitt at Silverton Mortgage, “If your home value increases because of market conditions, taxes will follow, and it will cost more to insure the home.” In order to determine if a higher payment is on the horizon, you may want to take a look at the listings in your neighborhood.

A Miscalculation

Most people hope that a re-assessment of the value of their home will lead to a bump in its price, but if your monthly mortgage payments were calculated at a specific time during the transaction, this bump may mean a higher monthly payment for you. If there was some overlap between the assessment and the property transfer, or other fees were included in your payment, your tax professional should be able to advise you on the best course of action you can take come tax time.

Insurance Renewal Is Up

In the event that the homeowner’s insurance on your home is about to expire, there’s a possibility that you’ll be paying a bit more following renewal. Instead of leaving this to chance, ensure that your insurance company is communicating with you and keeping you abreast of changes. After all, while insurance is important to protect your investment, you have the option of looking into other insurance providers who may be able to give you a better rate.

It can be hard to plan for the increase in rates that can go along with a variable rate mortgage, but if your insurance is up for renewal and the value of the homes in your area has increased, a higher monthly payment will likely follow. Give me a call for more information. – J.P. Cook – 602-320-4253.

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7807 E Main Street Mesa, AZ 85207

$24,000

1 Bed

1 Bath

624 SqFt

Status Active

MLS # 6646632

Property Type Manufactured Home

Price Type --

Newly renovated move in ready home! This 55+ gated community of Agave Village offers over 20 group activities, club house, billiards room, community kitchen, heated pool/spa, pickle ball, shuffleboard, pet park and work out facility. In this beautifully updated home, you will see all new kitchen cabinets, granite countertops, appliances, flooring throughout, interior/exterior paint, bathroom plus walk-in ceramic tile shower, new dual pane windows, sliding glass door and HVAC. Don't miss out! Professional photos coming soon!

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345 S 58th Street Mesa, AZ 85206

$22,000

1 Bed

1 Bath

624 SqFt

Status Active

MLS # 6676524

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This beautiful home in the Broadway Estate 55+ Community features a carport, new deck, and a French door entry. The interior boasts easy-care wood laminate floors, an open floor plan with a good size family room, and a kitchen with plenty of drawers, storage, and a pantry. The bedroom is large with a nice size closet and built-in drawers, while the bathroom includes a walk-in shower with safety handles. The home also offers a big back patio with a stackable washer and dryer and storage. Additionally, the mobile home has been weatherized by the Department of Housing for energy efficiency, with all appliances and A/C designed to be energy efficient, which is a plus in Arizona. The Broadway Estate community, provides a quiet and welcoming environment for residents. The Broadway Estate community, with only 122 mobile homes, offers amenities such as billiards, a club house, gym, laundry, pickleball, pool/spa, fire pit, and more.

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11100 W Alsdorf Road Arizona City, AZ 85123

$19,999

2 Beds

1 Bath

840 SqFt

Status Active

MLS # 6630543

Property Type Manufactured Home

Price Type --

Very well maintained 2 bed 1 bath unit in this 55+ Community. Land lease includes water, sewer and trash. Low maintenance yard. This unit has inside laundry. Community pool. Grilling area and coined laundry. Short driving distance to local shopping and medical facilities.

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9447 E Kedron Drive Hereford, AZ 85615

$19,900

2 Beds

1 Bath

1,462 SqFt

Status Active

MLS # 6480354

Property Type Manufactured Home

Price Type --

Fix it up! Clean it up! Live it up! A severe fixer upper located in a quiet neighborhood. Owner will carry.

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659 N Utah Avenue Hayden, AZ 85135

$19,000

6 Beds

3 Baths

1,870 SqFt

Status Active

MLS # 6643836

Property Type Twin Home

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This property provides a great start to a multifamily building.

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265 S Smelter Road Hayden, AZ 85135

$19,000

1 Bed

1 Bath

840 SqFt

Status Active

MLS # 6647911

Property Type Single Family Residence

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This is a great place to create a ranch and have all the off road devices you possibly want. Come take a look at the possibilities today!

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5201 W Camelback Road Phoenix, AZ 85031

$18,000

2 Beds

1 Bath

600 SqFt

Status Active

MLS # 6610629

Property Type Manufactured Home

Price Type --

***Highly Motivated Seller***55+Park***You will enjoy the spacious feeling in this 2 bedroom 1 bathroom home, a super cute home, and a bargain to boot! This adorable place could be either your primary home or your Arizona getaway! Boasts an beautiful Arizona room, which is where the second bedroom is. The interior of this darling place has been well taken care of, with upgrades galore: New wall unit style AC/Heating units remotely controlled as well in Front room, bedroom and 2nd bedroom. Freshly painted inside recently inside. The refrigerator and dryer stay. Low maintenance yard. Buyer to verify schools. New hot water heater as of Jan 2024! The water and sewer are also included in the lot rent! Lot rent is approximately $855.00, Live in a great 55+ park with many amenities to enjoy. Heated pools and spas, or enjoy your days playing pool or reading from the vast library. The walking and biking path winds through the community. This place is bargain paradise!

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16005 N 32nd Street Phoenix, AZ 85032

$18,000

1 Bed

1 Bath

800 SqFt

Status Active

MLS # 6635032

Property Type Manufactured Home

Price Type --

Seller Financing Available! This one bedroom, one bath is located within the 55+ age restricted community of Paradise Valley Ranch. Freshly painted, this home features central AC and heat, gas cooking and all appliances including W/D. It features two extended covered carports offering privacy and shade. Located at Paradise Valley Ranch 55+ Community operated by Treehouse Communities. Community amenities include, pool, spa, fitness, recreation center, outdoor dining and laundry. The lots are spacious and private.

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9421 E Apache Trail Mesa, AZ 85207

$17,500

1 Bed

1 Bath

672 SqFt

Status Active

MLS # 6662675

Property Type Manufactured Home

Price Type --

MOTIVATED SELLER!! BRING OFFERS!! Economical 1bed/1bath home located is 55+ Desert Valley Oasis. Spacious Living Room with Eat In Kitchen Counter space. Spacious Kitchen with plenty of cabinet space for dining. Gas Stove and Oven. Appliances Included. Many Updates Including NEW AC and ROOF 2020, New Flooring 2021, New Awning 2023. Large FENCED lot. Storage Shed includes Washer & Dryer. Easy Commute To Shopping, Entertainment, and Freeways. A MUST SEE!!

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