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What Does PITI Mean to You?

PITI - Principal, Interest, Taxes and Insurance

These are the components of your typical mortgage payment. Some loans can be “interest only” and exclude principal. Some loans have private mortgage insurance (PMI) or mortgage insurance (MI). Some properties have a common/maintenance charge (condos & co-ops), and some homes will have a homeowner’s association fee (HOA).

Beyond your payment, it is wise to budget for some maintenance expense. The cost of upkeep for your home will vary with the age, type, size, structure and materials used.

Never hesitate to call when you have questions. We’re happy to help. Our contact information is here.

This is another part of our current blog series, Loan Mechanics: The Inner Workings of a Mortgage, check out the other posts here.

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