![]() ![]() The fees may be nominal, but they might make your monthly payments unaffordable. HOAs are private organizations set up to govern and maintain such spaces. HOA fees: Homeowner Association fees may be required if you buy a property in a shared community such as a condominium complex.It typically ranges from 0.58% to 1.86% of your total mortgage amount and you will need to factor this in if your down payment is less than 20%. Mortgage insurance: Also known as private mortgage insurance-or PMI-this protects the lender in case you default on your mortgage.Otherwise, contact your local insurance agent to get a quote. ![]() If you’re considering a home, ask the real estate agent if they have any information about current insurance costs.
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