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Are HOA fees included in a mortgage?
After landing a fantastic job in Denver, I’m in the process of looking for a townhouse. My real estate agent is telling me to keep in mind the cost of HOA fees. This is the first time I’ve bought a house. Are HOA fees included in a mortgage?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
How exciting! To answer your question, no, HOA fees are not included in a mortgage. It’s likely that your agent is just reminding you that your HOA fee will become another bill you’ll have to pay every month.
Let’s review some basics about HOAs. HOA stands for Homeowners Association. Essentially, the HOA’s purpose is to protect everyone’s property values. HOA boards are composed of homeowners who volunteer to keep track of maintenance issues and HOA finances.
When you apply for a mortgage, the bank will request information about the property’s HOA fees in order to determine your
debt-to-income ratio
. Essentially, this ratio is determined by dividing your anticipated monthly costs by your income. In the market for an inexpensive homeowners policy? If you want to save money on home, renters, or
car insurance
, the Jerry
app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new home or renters insurance. Jerry can even help you cancel your old policy.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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