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Understand Your Monthly Mortgage Payment

George Souto is a Connecticut Loan Officer. Below he's provided an excellent review of what a mortgage payment includes.  Sometimes we assume the people we're working with understand things that they may not. It's good to stop and review to make we're all are on the same pages going forward.
If you have any questions about processes or what something is, please give me a call or send an email. I'll be glad to take the time to find the answers and explanations you need.
Enjoy George's post below and Have a Great Day!
 
A common assumption that is often made by those in the Mortgage Industry is that Homeowners understand what makes up their monthly mortgage payment, but in reality many do not.  So it is important that Loan Officers take the time to explain to each of their Borrowers, not only how much they will be paying each month, but also the different components that make up their monthly payment.
 
A common term in the Mortgage Industry when referring to the monthly mortgage payment is PITI.  PITI simply stands for:
 
Principal -  This is the portion of the monthly payment that reduces the remaining balance of the ... more

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