Sounding just like ‘pity,’ PITI stands for Principal, Interest, Taxes and Insurance. The term is used in relation to mortgage payments. It is the total monthly sum paid for a mortgage in the USA. Here is a description of the initials in the acronym in more detail. PITI: Principal The principal is the capital sum […]
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When you purchase a home for the first time, there are some expenses to keep in mind that you may not be aware of that you are responsible for when you close on your home. Closing costs typically total 3% to 6% of the purchase price of a home. The recurring closing costs outlined below […]
You’ve likely heard the phrase “We’re in escrow!” before, but what does it mean? It’s always presented as though it’s positive and as though a house purchase is a done deal. Both of these things are true, but you do need to understand the process in order to be adequately prepared when the time comes. […]