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Home Loan Questions
Hubby and I are thinking about buying a condo rather than renting. Our limit, according to CNN Money is $88,000. Our limit according to us, since we're scared and would rather be overly conservative and be able to pay our bills is $40,000. I have my concerns and was curious about what kind of fees you have to pay month-to-month on your house other than the mortgage. A mortgage on one condo we found is about $200, plus association fees (the realtor hasn't called me back so I'm not sure what those are). What else?
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When you own, you pay property taxes, utilities, condo fee, all interior maintenance, any exterior maintenance not covered by the condo fee. You will also be subject to special assessments for major repairs to the facility like if the building needs a new roof or they decide to put in new windows or repave the parking lot.Steve
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Property tax, which is usually built into mortgage payments, but you should verify.
Homeowner's insurance, which is almost always required by the mortgage company. When we had a mortgage, it was not included in the mortgage payment.
Private Mortgage Insurance -- if your down payment is low enough for the mortgage company to require it.Comment
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