19 Jul Holly Walther Team Fun Fact Friday: What Is PITI
Hey, good afternoon and happy Friday. It’s Holly, little Miss Daisy and we are here with your Fun Fact Friday this afternoon. So “PITI” – do you know what that means? Um, we find that a lot of our clients have no idea what those letters mean. So PITI is principle interest taxes and insurance. So a lot of times when people are doing home searches online and they’re looking at payments, they don’t realize that they’re only looking at the principle and interest. But of course in those projected payments, you’re also going to have to pay your property taxes and your insurance. So just wanted to make sure that everybody realizes when you have a mortgage, you have your PITI, which again is your principle and interest based on your interest rate in your loan amount over the selected term.Then you’re going to have your taxes and insurance. And then depending on what type of loan you propose or have, you may also have what’s called mortgage insurance, which then would be an additional cost. So as always, we are here for your questions, would love to speak with you (404) 436-0013. Have a great weekend!