Honestly, I was only looking at the monthly payment on my pre-approval for months

Tbh, my agent in Charlotte finally asked 'But what about the property taxes and insurance?' and I realized I'd budgeted for way less house. Anyone else get blindsided by the full PITI number?

3 comments

3 Comments

willowh2020h ago

Remember the HOA fees too, that's the real kicker sometimes. My first condo search got a hard reality check when we saw a $400 monthly fee on top of everything. It wasn't just for a pool, it covered building insurance and reserves, which the lender still counts. So that perfect payment I had in my head was off by another car payment, basically.

sarah_patel2519h ago

But what if that HOA fee is actually a good deal? For $400 you're getting building insurance, maintenance, and reserves covered so you never get hit with a surprise $10,000 special assessment. Jamie_carter87's lender showed them the real cost, but that full picture includes stuff you'd have to pay for anyway in a house, just in random big chunks.

jamie_carter8722h ago

Yeah that "full PITI number" comment hits home. I was totally focused on just the loan payment for the longest time. My lender had to sit me down and add everything up, and the real monthly cost was way higher. It completely changed what neighborhoods I was even looking at.