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Essential Homebuyer Information - 2 Most Common Home Buyer Questions
Essential Homebuyer Information - 2 Most Common Topics
  
If you are buying a home, or know someone who is, please read/share this simple tutorial of the 2 most common topics every Homebuyer wants/needs to know about.
Topic #1 - MONTHLY PAYMENT
(Where does all of that money go each month when I make my payment?)
To better understand a monthly payment, think of the acronym PITI for starters.  PITI can be defined as follows:
Principal + Interest (P+I) - The P+I portion of your monthly payment is typically the largest. "Principal" can be defined as the amount of money you have borrowed (and are now starting to pay back). "Interest" is the ongoing finance charge of borrowing that money.  Once we can determine the exact amount of your loan, the interest rate, and the amortization period (i.e. the number of years you are paying back the loan...typically 30 years), we can determine the "P+I" payment to the penny. CLICK HERE TO ACCESS A FREE MORTGAGE CALCULATOR to determine your exact P+I payment. Property Taxes (T) - The County Assessor where the property is located considers this home as a source of ongoing revenue. In essence, the County Assessor will assess a "mathematical factor" to ... more

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