Home Buying in Louisville>Question Details

smithkasi, Home Buyer in Louisville, KY

Do the monthly payments include the condo fees? Thanks

Asked by smithkasi, Louisville, KY Thu Feb 28, 2013

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7
Condo fees are paid to the HOA and not to the mortgage company.
0 votes Thank Flag Link Wed May 1, 2013
Your HOA is paid either monthly or yearly with either the managment company or whoever was designated to oversee the Properties.
0 votes Thank Flag Link Mon Mar 18, 2013
They are normally an additional expense like utilities.
0 votes Thank Flag Link Sun Mar 10, 2013
Typically, your monthly mortgage payment only consists of loan principal, interest, property taxes, homeowners insurance and, in some cases, mortgage insurance. However, condo association fees are considered a recurring monthly housing expense and is therefore included in your debt-to-income ratio which may affect your maximum allowable mortgage payment. Feel free to call me if you have any further questions.
0 votes Thank Flag Link Fri Mar 1, 2013
No monthly payments to the mortgage company do not cover condo fees (HOA fees). Normally your mortgage payment includes principal & interest, taxes, and insurance
0 votes Thank Flag Link Fri Mar 1, 2013
Condo fees are paid to the condo association not to the mortgage company. Each condo association is different if you are interested in a specific condo have your realtor get the restrictions to see what the condo association dues will cover. As stated by Connie they can cover lot however most only cover master insurance and grounds keeping only.
0 votes Thank Flag Link Fri Mar 1, 2013
Yes. They are the condo fees and they include electric, gas, water, heat, sewer, trash removal, snow removal, ext. maintenance, master insurance and grounds keeping.
Please let me know if you would like to view this property.
0 votes Thank Flag Link Thu Feb 28, 2013
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