Скачать или смотреть Components of a Mortgage Payment (PITI)

When it comes to a mortgage payment, principal, interest, taxes and insurance (PITI) are the sum components. In this video, Home Loan Advisor, Mike Rafii, and Senior Loan Officer, Liliana Riquer, breakdown each of these components so you can better understand your mortgage payment.

Principal: The loan amount you owe before any interest is added.
Interest: The amount you’ll pay your lender each month as a fee for borrowing money (based on your interest rate).
Taxes: The amount you pay in taxes depends upon your home’s value and your local property tax rate.
Insurance: Most mortgage lenders require that you maintain at least a certain level of property insurance as a condition of your loan. Homeowners insurance covers your property if a fire, lightning storm or break-in occurs. If in a flood zone, you will also need to carry Flood Insurance, as well.

If you purchase a home with a down payment less that 20%, you will likely need to pay for Private Mortgage Insurance (PMI). Want to know how to remove PMI? Check out our video here:    • How to Remove Private Mortgage Insurance (...  

Since mortgage loans are NOT a one size fits all product, it's important to speak with your mortgage advisor to see if any of these options can help you! Give us a call. We're here to get you home.

Mike Rafii | Home Loan Advisor | NMLS ID# 5341
Liliana Riquer | Sr. Loan Officer | NMLS ID# 290649
Equal Housing Lender | Bay Equity LLC | NMLS #76988

This is not a commitment to lend or extend credit.