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.