Ugh, I opened the mail the other day and had a notice from my bank. Due to the increase in my property taxes, my mortgage payment is increasing. Not by a little, but by $144 a month. Sigh, it's always something. My town had a property re-evaluation, my house increased in value and thus my property taxes have gone up. When I got the notice in the mail from the assessors office, I ran some comp statistics from the MLS and came up with a fairly similar figure. I will say that even though my house is small, it is retaining value. Being on a lake does help and at least I'm not underwater on the mortgage (the Escape is a different story......).
My escrow balance took a hit for the 2nd yearly payment and my mortgage payment will be increased to build back up the escrow balance and to create a cushion for the 2010 property taxes. Time for a little budget re-evalution!