Heat Payments - Underwriting Fundamentals 101
Heat Payments
Here's a funny one for you.
A lot of people don't realize that when you're calculating a mortgage, you have to factor in a heat payment as an expense on the property.
Now, every lender has their own equation for how much heat they require that we use versus not use in certain condos.
They include the heat as well.
So you need to check the MLS listing so you can determine if he is included in these numbers or not.
Now the thing is, is some lenders to sheet by square footage.
Those lenders, the heat payment can get very, very high and some lenders will use just the standard number.
So it's important that you know what the lender will use so we can properly calculate, maximize your purchase on their home for your investment property.
Talk to a Mortgage Professional
So, if you would like to learn more about how a heat payment may impact your mortgage, let us help you.
Simply book a free strategy call today by clicking the link below.