What Does PITI Consist Of?

What does PITI consist of? PITI is the acronym for your monthly mortgage payment.  It’s pronounced like the word “pity” and the letters stand for the four parts of that monthly payment, which are: P stands for Principal   That’s the part of the monthly payment used to pay down the balance of the loan.  Your…

Budgeting for Home Ownership

When you buy a new home you’ll more than likely have a mortgage payment.   There are a few other expenses related with home ownership that you should include in your budget. Here’s what to make room for in your homeowner’s budget. Monthly Expenses •          Principal and interest payment on your mortgage •          Real estate taxes…