wvbkmarketing CDA-SNovotny-HBG Paperturn - Page 12



USEFUL TERMS & DEFINITIONS
PITI
The four components that make up your monthly mortgage
payment: principal, interest, taxes, mortgage insurance,
homeowner’s insurance, and HOA.
PRINCIPAL
The amount of money borrowed to buy a house or the amount
of the loan that has not been paid back to the lender.
INTEREST
A fee charged for borrowing money, typically paid in
monthly installments.
PROPERTY TAX
A tax charged by local government and used to fund municipal
services.
MORTGAGE INSURANCE
Protects lenders against some or most of the losses that occur
when a borrower defaults on a mortgage loan if the borrowed
amount is above a certain percentage.

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