Why is your mortgage payment going up, 2022 taxes, HOAs, and insurance?

DDA Mortgage • March 7, 2022

If you have a fixed rate mortgage why would the payments go up, maybe need to review your property taxes, HOA fees, and insurance.


What doesn't change on your mortgage payment

If you have a fixed rate mortgage, your combined interest payment and principle payment won't change. However, you will pay more money towards principle and less money towards interest at your loan matures.


What can change on your mortgage payment


Taxes

Your property taxes can change on your mortgage payment. Especially if you bought the home the year before at a higher price than the current tax rate. Also if you didn't file for homestead or portability, you maybe paying a higher price.


Insurance

Insurance companies are leaving Florida for various reasons and prices for homeowners insurance are going up. This is the primary reason our clients are seeing an increase in their monthly expense.


HOA

This is a much rarer occurrence but it can happen especially with inflation. If your HOA raises it's fee and you have your HOA fees escrowed, you may see an increase in your bill.


How can you lower your monthly payment if you see an increase?

The easiest way to lower your payment is to refinance. If you have 10 or 20 years left on your mortgage, you can refinance with 30 year terms spreading the payments out over a longer period. This will lower your monthly expense and even gives you a chance to pull some cash out of your home.


If you are interested in refinancing, use the form below to get more information.

Send me more information about refinancing

Start Your Loan with DDA today
Your local Mortgage Broker

Mortgage Broker Largo
See our Reviews

Looking for more details? Listen to our extended podcast! 

Check out our other helpful videos to learn more about credit and residential mortgages.

Asset based lending with no min fico score

By Didier Malagies • January 26, 2026
• 12-Month Bridge Loans with interest-only payments • Cash-Out Refis, Purchase Loans, Second Liens, and Portfolio Loans • Nationwide lending on non-owner occupied residential properties, including condos • No FICO minimum – We welcome credit-challenged borrowers • No income or employment verification • No seasoning required • No appraisal contingencies • We fund mid-foreclosure and past bankruptcy deals • Pure asset-based lending – • Closings in as fast as 3–5 days tune in and learn https://www.ddamortgage.com/blog Didier Malagies NMLS #212566 dda mortgage nmls#324329

Cost of retirement comfort soars, leaving most far short

By Didier Malagies • January 14, 2026
Cost of Retirement comfort soars, leaving most far short

Does your condo association needs funds for a new roof

By Didier Malagies • January 12, 2026
1. HOA / Condo Association Loans (Most Common) These are commercial loans made directly to the association, not individual unit owners. Typical uses Roof replacement Structural repairs Painting, paving, elevators, plumbing Insurance-driven or reserve shortfalls Key features No lien on individual units Repaid through monthly assessments Terms: 5–20 years Fixed or adjustable rates Can be structured as: Fully amortizing loan Interest-only period upfront Line of credit for phased projects Underwriting looks at Number of units Owner-occupancy ratio Delinquency rate Budget, reserves, and assessment history No personal guarantees from owners 2. Special Assessment Financing (Owner-Friendly Option) Instead of asking owners to write large checks upfront: The association levies a special assessment Owners can finance their portion monthly Reduces resistance and default risk Keeps unit owners on predictable payments This is especially helpful in senior-heavy or fixed-income communities. 3. Reserve Replenishment Loans If reserves were drained for an emergency repair: Association borrows to rebuild reserves Keeps the condo compliant with lender and insurance requirements Helps protect unit values and marketability 4. Florida-Specific Reality (Important) Given your frequent focus on Florida condos, this resonates strongly right now: New structural integrity & reserve requirements Insurance-driven roof timelines Older associations facing multi-million-dollar projects Financing often prevents forced unit sales or assessment shock Many boards don’t realize financing is even an option until it’s explained clearly. 5. How to Position the Conversation (What to Say) You can frame it simply: “Rather than a large one-time special assessment, the association can finance the project and spread the cost over time—keeping dues manageable and protecting property values.” That line alone opens the door. 6. What Lenders Will Usually Ask For Current budget and balance sheet Reserve study (if available) Insurance certificates Delinquency report Project scope and contractor estimate Bottom Line Condo associations do not have to self-fund roofs or major repairs anymore. Financing: Preserves cash Reduces owner pushback Helps boards stay compliant Protects resale values Tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
Show More