Condominium Fees – What are They and How Will They Affect Me
September 8, 2009 7:46 am Book, Employed Persons, First Time Home Buyer, Interest Rates, Pre ApprovalCondominium fees (often referred to as condo fees) are the monthly fees that people who own a property within a condominium complex. These funds are used to cover the common use areas of the facility. Condo fees can range quite a bit in what they cover and how much the fees can be. Speak with a qualified Realtor to find out all about these fees and how they may affect you.
When people purchase or refinance a condominium property one factor we have to work into our qualification ratios, GDS and TDS, is the condo fees. Each of these ratios include a provision for condo fees.
So when we pre qualify people who are considering purchasing a condo it is best to get a sample of the range of what the monthly condo fees are for the properties you are considering. Because these number potentially have a large effect on what you qualify for it is important to be very conservative in these estimates used in the pre approvals.
What I often tell my customers is that if the condo fees are 10% more than what I put into the pre approval application then give me a quick call or email and I will run the numbers for them so we can be 100% sure that they will qualify with the new condo fees.
My services are complimentary so use me to help you get peace of mind.
