You’re buying a home. Well picture this… you are sitting down at a loan officer desk and they tell you that if you want to purchase a home your LTV must be 96.50% and your D/P must be 3.5% your Rate is 5.00% and your APR is 5.752% w/ PT’s of 1.00% and a Loan origination fee of 1.00%. With all of that your PITIMI (piti-me) payment will be 1,100.00 per month in Pilot Rock Oregon 97868.
Do you understand anything that was just said? Maybe a few of you do but for most of us that aren’t in lending this can be a big jumble of acronyms and abbreviations that don’t make a bit of sense. So here it is… the down low on the top 5 most used lending terms.
1. PITIMI (piti-me) payment – This is your total combined mortgage payment. Principal, Interest, Taxes, Insurance, & Mortgage Insurance
2. MI – Mortgage Insurance in Pilot Rock Oregon 97868 – Contrary to belief this is not your Home Owners Insurance. Mortgage Insurance is an insurance payment that you pay for your lender. It allows for banks to give out loans to people with a smaller amount of down payment and the customer pays the insurance to cover their risk for the loan. If someone defaults on their loan and the lender has to sell the property then the insurance will cover any gap in the amount that the collect.
3. H/O – Home Owners Insurance. This is your insurance policy. The insurance that you chose to cover your home against disasters, fire, and theft to be able to get you your money back if something happens to your property or your possessions inside.
4. LTV – Loan- To-Value. This is the percentage that is calculated from the amount that your loan is to the value of the home. IF your home is worth 100K and your loan is 80K then your LTV is 80%
5. APR – Annual Percentage Rate – this is not the rate that your payment is calculated on. Your mortgage payment will always be calculated based on the Interest Rate. You’re APR is what banks use to portray the true cost of your loan. If you have a bunch of fees associated with your loan then your APR will generally be a lot higher then the interest rate, if you don’t have very many fees to pay then your APR will be closer to the interest rate on your loan. When you compare loan products it is best that you compare your APR instead of the Interest Rate in Pilot Rock Oregon 97868.
Surrounding Areas In Oregon
Pilot Rock Information
Video: Mortgages in Pilot Rock OR
Homes.com has 21 properties for sale in Pilot Rock, Oregon. Search real estate, houses for sale and MLS listings in Pilot Rock, OR. Research properties, Pilot Rock ...
Homes.com Pilot Rock, OR Real Estate: Search foreclosure listings, foreclosure auctions, and MLS listings in Pilot Rock, Oregon. Local information: 18 houses for sale ...
Forbes Welcome page -- Forbes is a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.
Zillow has 17 photos of this $95000 5 bed, 5.0 bath, 2830 sqft single family home located at 8090 Gragg Heights Cir built in 1969. MLS #.
A toxicology report confirmed the cause of death for a Spirit Airlines pilot and his wife, found dead in their southwestern Ohio home in March, as an ...
The dwindling number of pilots in the U.S.A. has the attention of a lot of people. There are currently far more questions than answers and it is unlikely that those ...
Zillow has 3,726 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
John McCain claims that his first plane crash, back in December 1960, was the result of engine failure. A U.S. Navy investigation makes clear that it was caused by ...
February 2007. February 27, 2007 | Freddie Mac Press Release . The Federal Home Loan Mortgage Corporation (Freddie Mac) announces that it will no longer buy the most ...
THE sister of Rescue 116 helicopter hero Dara Fitzpatrick has thanked U2 for the tribute the band paid to the fallen pilot.