Mortgages & Pre-Approval… by Land Title

Kate Marrone First Time Homebuyer Info, Info on Home Financing Leave a Comment

Lending is an important part of the overall home buying process.  The attached article by our friends at Land Title Guarantee Company covers the following:

1. What items make up my monthly mortgage payment?  The answer: “PITI” + “HOA” + “MIP”

     P – Principle

I – Interest

T – Taxes

I – Insurance

HOA – Homeowner’s Association Dues

MIP – Mortgage Insurance Premium

2. What documents do I need to get pre-approved? Credit Report, Credit Score, Employment history (2 years), Amount of monthly debts, proof of Assets held, etc.

3. Types of Mortgages – Fixed Rate vs. Adjustable Rate

Click here to read the short article “Mortgage Pre-Approval Process” by Land Title.