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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Principal, Interest, Taxes, and Insurance


Synonyms:principal interest taxes and insurance
Acronyms &
abbreviations:
PITI
Filed Under: financial-banking, insurance, mortgages, taxation
Tags: insurance, mortgage, realty, taxes
 

Definition of principal, interest, taxes, and insurance (PITI)

principal, interest, taxes, and insurance (PITI)
1. An acronym for principal, interest, taxes, and insurance which are components of a monthly mortgage payment.

Related Terms and Acronyms:

  • gross debt service (GDS)   The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
      ➥  Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • loan   Letting another party use something of value temporarily.
  • mortgage (mtg)   A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • principal   The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
  • principal and interest (P&I, PI)   Acronym for the elements of a mortgage payment: principal and interest.
  • principal, interest and taxes (PIT)   Principal, interest and taxes. The components of a monthly mortgage payment.
  • property tax   A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • step-rate mortgage   A fixed-rate home loan on which payments are lower at the beginning, typically for two years, and which then rise.
  • tax (TX)   A levy paid by an individual or entity that is collected by a government.
      ➥  Bank account transaction code.

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