HOA dues
What is hoa dues?
Homeowners association dues are recurring fees for shared amenities and maintenance in a managed community or condominium. They are a real housing cost that most rate quotes ignore.
What it means in practice
Dues are not part of PITI and are not escrowed, but lenders do count them in qualifying ratios, and your budget certainly feels them.
Associations can also levy special assessments for major repairs, which are not reflected in the regular monthly dues.
Dues can rise independently of your mortgage, so a fixed-rate loan does not mean a fixed housing cost.