Do you think your monthly house payment is locked in forever? Think again.
In this week's episode of Keys and Gears, hosts Bess Dickson and Mark Liesner break down the hidden costs that catch homebuyers off guard, and explain why your "fixed" mortgage payment is anything but. Only your principal and interest stay the same. Everything else, especially your property taxes and insurance, can and will climb every single year.
Bess and Mark walk through the pre-closing costs most buyers forget to budget for (inspections aren't free), the closing cost surprises tied to escrow accounts and prepaids, and why you might get a letter a year into owning your home saying you suddenly owe more. They also share the exact questions to ask your insurance broker and lender so you're never blindsided. This episode is your ultimate guide to getting those keys the smart way.
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In this episode:
Pre-Closing Costs: Why inspectors don't work for free, and what a $500–$1,000 home inspection actually covers
Older Homes, Extra Scrutiny: Why homes built before 1980 need an additional plumbing/video inspection
The Appraisal Surprise: How a rushed closing timeline can turn an $800 appraisal into a $1,300+ expense
Escrow 101: What actually happens to your money when the lender sets up your escrow account at closing
Prepaids Explained: Why you pay a full year of insurance upfront, plus 2–4 extra months into escrow
The Escrow Shortage Trap: Why your "fixed" payment goes up when taxes and insurance premiums rise
The Insurance Audit Habit: Why you should call your broker every 6 months and shop your coverage
After a Claim: How to prevent your insurance rate from spiking, and why an impact-resistant roof matters
Rebuilding Costs: Why outdated dwelling coverage could leave you hundreds of thousands short
#dallas #MortgageTips #HomeBuying #EscrowAccount #PropertyTaxes #HomeownersInsurance #RealEstateTips #KeysAndGears