Here’s a breakdown of another common real estate term you may not know.
We’re back with another edition of Real Estate Vocabulary. Today’s word is actually an acronym: PITI.
It stands for principal, interest, taxes, and insurance. Those are the four components that make up most monthly residential mortgage payments. If your lender is requiring you to escrow some money for taxes and insurance, that’s how the PITI all comes together.
If you have any questions for us about this real estate term or any other, don’t hesitate to reach out via phone or email today. We would love to hear from you.