Well, good afternoon, everybody. This is Chris Berger, and yes, it is time for a Berger Point.

You know, it’s been brought to my attention that a lot of people, when they go to the closing table as the buyers, and they’re receiving their mortgage, it’s very confusing because they expect the payment to, say, be $2,250.

And then all of a sudden, it is not $2,250, but it’s $2,600.

So where did the extra payment come in?Why is that showing up now?Well, the buyers should always be aware that the homeowner’s insurance on a monthly basis will be tacked on to your mortgage payment.

In addition to that, your taxes will be added on to your mortgage payment.

So that’s where the extra money comes in.

Now, years ago, the mortgage companies were a little bit more lax, allowing you to pay the insurance on a home, as well as, the taxes on your own.

So you just were paying the mortgage what you owe to the bank.

However, with how things have developed over the last 10, 12 years, 15 years, you know, people not paying their insurance because they couldn’t afford it or the taxes.

So the bank will go to the extremes, in a sense, to protect their investment.

So that’s why the insurance is added on as well as the taxes.And it’s really just a fact of life today.

That’s my point.

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