How much will it cost you to own a home?
Your loan officer will factor in four main costs
into your monthly payment and those can be referred to as P.I.T.I.
Principal, Interest, Taxes, and Insurance.
The first two are pretty simple.
Principal plus interest is the actual amount
you'll be paying back to the lender.
Third is property taxes.
As far as insurance, there are two main areas that
we need to look at.
The first is PMI:
Mortgage insurance that is required if
you choose to put less than 20% down.
And the second one is homeowner's insurance.
Now keep in mind that if you buy in an area that has a homeowner's association,
those dues are not included in your P.I.T.I
and you still will need to account for those
in your monthly costs.
This all may seem very daunting
but you could actually end up with a total
less than what you were expecting.
So contact your trusted lender today
and they'll be happy to learn more about your situation.
That way they can work with you
to get an estimate of your potential monthly payment.
As always, if you have any more mortgage related questions
please feel free to send them my way
by shooting them in the comment section below, or by calling our offices
here at GVC. and don't forget to like our page for more home buying tips and
mortgage information.
See y'all next Monday!
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