Definition: The term "Why Mortgage Goes Up" is often used to describe a situation where a borrower's monthly payments exceed their total monthly mortgage payment, even though the loan has been in full repayment for several months. This can happen due to various reasons such as financial strain, unexpected expenses, or poor credit. Here are some key points about why mortgage goes up: 1. Financial strain: If a borrower is struggling financially and cannot make timely payments, it can lead to higher monthly payments on their mortgage. This is because the loan has been in full repayment for several months, making it more difficult for the borrower to meet their monthly payment obligations. 2. Unexpected expenses: Sometimes, unexpected expenses such as medical emergencies, car breakdowns, or job loss can cause a borrower to struggle with their finances and have trouble paying their mortgage on time. 3. Poor credit: If a borrower has poor credit, it means that they may not be able to make timely payments due to late fees, missed payments, or other reasons. This can lead to higher monthly payments as the loan is in full repayment for several months, further increasing the cost of the loan. 4. Mortgage terms: The terms of the mortgage are also an important factor that affects how much a borrower pays each month. If the interest rate on the mortgage is lower than the average interest rate, it may be harder to pay off the debt faster and get higher monthly payments. In summary, the term "Why Mortgage Goes Up" refers to a situation where a borrower's monthly payments exceed their total monthly mortgage payment even though they have been in full repayment for several months. This can happen due to various reasons such as financial strain, unexpected expenses, poor credit, or other factors.
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