Posts tagged Monthly Mortgage Payment
What Is a Rate Lock?

If you like the way interest rates are looking right now, you might want to consider a rate lock. A mortgage rate lock is a guarantee that your lender will give you a certain interest rate on your home loan, as long as your mortgage closes by an agreed-upon date. In addition to guaranteeing a specific interest rate, a rate lock can also “lock in” points, which are fees that you can pay to your lender upfront in order to obtain a reduced interest rate on your mortgage.

Read More
PITI: Principal, Interest, Taxes and Insurance In regards to Home Loans

Pronounced the same as pity, the acronym PITI is a common term when dealing with home loans. The letters in PITI stand for principal, interest, taxes, and insurance. The term, however is typically used as a blanket term that covers the monthly sum of the total debt service (principal and interest), homeowners insurance, property taxes, mortgage insurance, and homeowners association fees.

Read More