When You Buy A Condo Can You Finance The Maintainence Fees Into The Mortgage?
Feb.25, 2010 in
chalet
I’m looking to buy a condo but the maintainence fees are somewhat high. I’d like to find a way to stretch my money, even if it means adding time to my mortgage.
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February 25th, 2010 at 8:36 pm
maintence fees are high!!!
but then look into the fine print..
sometimes they pay your hyrdro, or have a gym, or provide a shuttle bus, or a pool
they also keep up the grounds, security and pay for building insurance.
that being said..when you qualifty for your loan ??? you have qualified??? spoken to a broker on how much you can get for a loan???
they do put in an ap. amount for maintence fees..
yes you do have to pay maintence fees..some are less..but some are more.. depends on the building and maybe that building isn’t for you..
also read the minutes of the meetings in case of special condo fee assessment..as a new roof etc…you could end up with another $500 special assessment..
good luck and enjoy
February 25th, 2010 at 8:54 pm
No, your association dues can’t be escrowed into your mortgage monthly payment. Only principle, interest and property taxes.
February 25th, 2010 at 9:22 pm
Absolutely not.
Mortgages are secured by the property. No lender on earth is going to finance your maintenance.
Since maintenance fees can and do go up on a regular basis, you probabl;y should find a place that you can afford.
February 25th, 2010 at 9:30 pm
you can probably get a cashout refinance, and pay for the maintanance, or open a scrow account that covers maintnance fees. it all depends on your Hom owners regulations and requierments.
February 25th, 2010 at 10:18 pm
I am not 100%, but I am 99.9% sure that you cannot include them. You can include the taxes and home owners insurance though, it’s called escrowing. They are due every month anyway so the payment wouldn’t save any time if you could include them anyway… Any other questions feel free to email me…