Terms You Should Know When Starting The Mortgage Process.

PITI – Principal, Interest, Taxes And Insurance (Monthly Mortgage Payment)

Principal – Amount of the loan paid back each month, reducing your loan amount.

Interest – The interest charged on the loan each month.

Taxes – Taxes charged by local jurisdictions, based on the value of the property (Property Taxes)

Insurance – Insurance due each month for your property like homeowners (Hazard) insurance, etc.

Other costs associated with PITI depend on the loan program and down payment amount chosen.

If you are ready to take the next step in your Mortgage journey, Email me: beataw@dominionlending.ca

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