Mortgage Answers / Homebuying Decisions
The Short Answer
Homeowners association fees add to the cost of owning a home and may be part of the lender's review. Ask about regular dues, planned changes and special charges. The mortgage payment alone may not show the full cost.
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Compare the mortgage and association costs together. A lower home price does not automatically mean a lower full cost.
Get the current association dues and ask which services they cover.
Include those costs with the mortgage, taxes, insurance and other home expenses in your budget.
Ask the lender which association costs count in its review.
A special assessment is a separate association charge. Ask what it covers, when it is due and how it affects the loan review.
Ask the association or property representative for the charge details and payment schedule.
Tell the lender about the charge and ask whether more property or financial review is needed.
Review the purchase terms and full budget before assuming the listed dues show every cost.
Association costs can change. Ask for current records rather than relying only on an old listing.
Ask for current association records and any notices of planned fee changes.
Review what a change could mean for your monthly budget and other required payments.
Confirm the current figures with the lender and your real estate professional before relying on them.
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Homeowners association fees add to the cost of owning a home and may be part of the lender's review. Ask about regular dues, planned changes and special charges. The mortgage payment alone may not show the full cost.
Association costs can change. Ask for current records rather than relying only on an old listing.
A mortgage escrow account collects money with your payment for expenses such as property taxes and insurance. Those bills can change, so the escrow portion and total payment can change even with a fixed interest rate.
A condo may qualify for a mortgage, but the lender reviews both your application and the condo project. The unit, building finances, insurance and loan program can affect the result. Ask about the project before relying on a price or letter.
A value below the purchase price can change the loan and the cash you may need. Review the report with the lender and your real estate professional. Contract terms, possible price changes and any review of factual errors affect your options.
Do not assume they are. Confirm how they are paid and include association costs in your full home budget.
It is a separate charge from the association. Ask what it covers, when it is due and how the lender treats it.
Yes, they can. Ask for current records and any notices of planned changes before relying on an old amount.
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Fayetteville, NC
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Show Low, AZ
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Boulder, CO
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