What does my monthly mortgage payment include? And what does PI and PITI stand for?
The bulk of your monthly mortgage payment goes toward paying off the principal and interest of your loan. (You may hear lenders refer to this as PI, for Principal & Interest). In addition, most lenders require that you pay a sufficient amount to cover your local real estate tax, plus your homeowners or hazard insurance. (You may hear this total payment referred to as PITI, or Principal, Interest, Taxes & Insurance.) This amount is placed in an escrow account, from which your lender then pays your tax and insurance bills as they come due. When shopping for a loan, it is important to ask the lender if the monthly payment you are being quoted is PI or PITI.
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The monthly mortgage consists of several parts, like the Principal Interest (PI), Homeowner’s Insurance, and Property tax (PITI). I recently bought a house, and I worked with a Mortgage Advisor Cambridge to help me with the entire process. It was a tedious procedure, and a few banks refused my mortgage request because of several reasons. I could get it finally and now I’m a happy homeowner. If you want to get through this process quicker and easier I recommend a mortgage advisor because it’s the most complicated process ever.
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