This is a tough time to own a home in Central Florida. Mortgage rates are climbing, insurance prices are on the rise and taxes are inching upward.

News 13's Scott Fais has some ideas on what to do if you find yourself with an Adjustable Rate Mortgage that is burning a hole in your wallet.

House for sale signs, they are the signs of the times. The cost of being a homeowner is going up. It is now a buyers market.

House for sale signs, they are the signs of the times. The cost of being a homeowner is going up. It is now a buyers market.

In addition to the prices going up, we've seen insurance rates almost double, and with the purchase prices going up, the properties are being assessed at a higher price and property taxes are going up."

Rob Nunziata is the President of FBC Mortgage LLC in Orlando. He says the cost of rising insurance rates and taxes have added up to an average 8-percent increase in the annual cost of owning a home.

"There's a large number of homeowners in the past few years who've done adjustable rate mortgages; Many of those adjustable rates are coming due or starting to change. So what we're seeing is somebody whose payment was $900 a month, once their payment adjusts, we're seeing their payment going $1,300 to $1,400 in some cases," Nunziata said.
What can a homeowner do with an adjustable rate mortgage?

"Consumers who have adjustable rate mortgages or equity lines should look to refinance," Nunziata said.

Keep in mind, Refinancing can result in closing costs again but in the long run, with interest rates on the rise, you may save money in the long run.

That's a look at Your Home,
Scott Fais,Central Florida News 13.