|PITI (Principal, Interest, Taxes, and Insurance)||
Used to describe a mortgage payment that includes principal, interest, property taxes, and insurance.
The lender determines to loan you a set amount of money, so long as you meet certain conditions and the home meets their requirements.
The amount borrowed (loan amount) or the outstanding balance of a loan (does not include interest and other charges).
|Private Mortgage Insurance (PMI)||
An insurance premium added to your monthly payment (provided by private insurance companies) which protects your lender against loss if you can
Charged by the local government, used to fund services such as schools, police, and street maintenance. This tax can be Escrowed into your mortgage payment or paid separately by you the home owner.
A written contract signed by you and the seller stating the terms and conditions under which a property will be sold.