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PITI stands for principal, interest, taxes and insurance — the four big elements of your monthly mortgage payment. You can calculate your PITI payment yourself or by using an online calculator.
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Unlock a comprehensive list of 1.3k Mortgage acronyms and abbreviations. Dive into our detailed dataset perfect for professionals and students, updated in August 2021.
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When you set out to buy your first home, you should be prepared to review and sign lots of documents throughout the process. You'll come across several acronyms in each — PMI? LTV? — that it can feel like reading a different …
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In the mortgage world, these terms are bundled together as principal, interest, taxes and insurance or PITI for short. Knowing the PITI on your mortgage gives you a good idea of whether you can afford the monthly payments or not. A mortgage's principal and interest may be $1,000 per month, which might work with your income.
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While your interest rate is the cost you will pay to borrow money, your APR refers to the actual, annual cost of a loan to a borrower and is almost always higher than the interest rate. The APR includes any added costs …
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Browse 682 acronyms and abbreviations related to the Mortgage terminology and jargon. Font size: 1098: The form a lender sends to a borrower indicating how much annual interest was paid on a mortgage: ... Get instant explanation for any acronym or …
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GSE stands for government-sponsored enterprise, a private entity created by Congress. A GSE home loan is a private mortgage loan that follows certain government regulations.
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Read on to learn the definitions of these mortgage acronyms, which have been organized into three categories: Types of Mortgages, Mortgage Acronyms About Your Rate, and Mortgage Acronyms About Your Application.
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Check out these other mortgage abbreviation quizzes: 10 mortgage abbreviations everyone in the industry should know 10 more abbreviations every mortgage pro must know 10 servicing abbreviations every mortgage pro must know 10 purchase market abbreviations every mortgage pro must know.
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Not to be confused with CLTV, your loan-to-value ratio is the value of the your mortgage loan in relation to the appraised value of the home. Lenders use it to determine two things: whether to approve your application, and whether you'll …
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APR = [({Fees + Total Interest} ∕ Loan Principal) ∕ Total Days in Loan Term] 365 100. Because it's easier to give an example on a smaller loan, suppose you're taking out a personal loan for $2,000 and the loan's …
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PMI stands for private mortgage insurance. PMI is required by a lender when a borrower seeks to finance more than 80% of the home value. This partially protects the lender from a loss if the borrower fails to make the mortgage payments. PMI is included in the escrow portion of the monthly payment. ARM.
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Explore popular shortcuts to use Mortgage abbreviation and the short forms with our easy guide. Review the list of 9 top ways to abbreviate Mortgage. Updated in 2024 to ensure the latest compliance and practices
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MIP (Mortgage Insurance Premium): Also called PMI (private mortgage insurance), MIP is a fee included in your monthly payment to insure lenders who fund loans with an LTV greater than 80 percent.
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At FFCCU (that's Firefighters Community Credit Union, BTW), we've compiled the ultimate list of mortgage abbreviations and mortgage acronyms that you might come across when applying for and filling out all the …
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California Bungalow - A small, one-story, compact, early-twentieth-century house.. California Ranch - A one-story, post-World War II style, ground-hugging house with a low, pitched roof.. Call Option - A provision in a home loan that gives the mortgagee the right to call the mortgage due and payable at the end of a specified time period for any reason. ...
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LTV stands for Loan to Value and is the relationship between the amount of your outstanding mortgage loan balance to the appraised value or sales price, whichever is less. …
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An abbreviation for mortgage is widely used by mortgage industries and banks. In these particular areas, people use an abbreviation for mortgage while communications or they often use it on particular reports. Also, abbreviations like these can be used in the areas where space is limited, such as in headlines or newspaper headings. ...
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3. Taxes. The "T" stands for taxes — more specifically, the property taxes you pay to your local tax authority each year. Many homeowners choose the convenience of having their annual property tax bill divided by 12 and added to their monthly mortgage payment.
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For example, a 30-year FHA loan at an interest rate of 7.125% on a home priced at $400,000 will have a $2,646 monthly loan payment plus a $176 monthly mortgage insurance payment. How Do I Get Rid ...
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PMI stands for private mortgage insurance. This insurance is often required by a lender when a borrower is financing more than 80% of the home value. PMI payments are included in the escrow portion of monthly mortgage payments and this insurance protects the lender from loss should a borrower default on a mortgage loan. POC.
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MIP (Mortgage Insurance Premium): Also called PMI (private mortgage insurance), MIP is a fee included in your monthly payment to insure lenders who fund loans with an LTV greater than 80 percent. PITI (Principal, Interest, Taxes and Insurance): It's not that seemingly condescending sympathy you receive in times of distress.
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Printable Mortgage Acronyms List for Beginners Author: Genworth Mortgage Insurance Subject: Printable Mortgage Acronyms List for Beginners Keywords: Printable Mortgage Acronyms List …
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