HOA fees:If your home is part of a homeowners association, you may be required to pay a fee for maintenance or other services the HOA provides. ![]() ![]() In addition to these costs, your house payment might also include these expenses: Insurance:Most mortgage lenders will require you to purchase home insurance to protect your property from damage, theft, and other accidents. Here’s more on how to calculate property taxes. You can typically find an estimate of the property taxes you can expect to pay on real estate listings. Taxes:Property taxes-what you pay the government for services such as public roadways and schools-are often included in mortgage payments. Interest:This is an additional percentage added to your principal that lenders charge you to borrow money to buy a home. ![]() A portion of your monthly mortgage payment will pay down this balance. Principal:This is the total amount of money you borrow from a lender. A mortgage payment typically consists of four components, often referred to as PITI: principal, interest, taxes, and insurance.
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