Boston Real Estate FAQs / Buying /
What does my mortgage payment include?
Votes: 0
In most cases, mortgage payments include what are commonly known as P.I.T.I. (Principal
/Interest
/Taxes/Insurance). Most of the payment is divided between the principal of the loan (the amount borrowed) and interest; and a portion of the payment goes into a special escrow
account that the lender maintains to pay for hazard insurance
and property taxes.
Others in this Category
- Could you give me a rundown of the entire buying process?
- How should I prepare for buying a home?
- What is the first step in the home-buying process?
- How do I find out how much house I can afford?
- What is the difference between a pre-qualification and a pre-approval?
- Can I buy a home below market value?
- How can I find bank-foreclosures or government-owned homes?
- What about HUD homes?
- How is an asking price determined?
- How do you determine the value of a distressed property?
- What is the difference between sales price and assessed value?
- What is the difference between an appraisal and a CMA?
- Explain the difference between a "Buyer's market" and a "Seller's market."
- Whose obligation is it to disclose information about a property?
- Do I need an attorney when I buy a house?
- Can I make a verbal offer on a property?
- What contingencies are usually put in an offer?
- What is a mortgage contingency?
- What is an "earnest money" deposit?
- Do I have to put down a deposit with my offer?
- How can I make my offer stand out against competing buyers?
- What happens after I present my offer?
- What happens to my deposit if my offer is accepted?
- What happens to my deposit if my offer is rejected?
- Should I have a home inspection?
- What if I don't like the results of my inspection?
- Under what circumstances could I lose my deposit?
- Do the appliances stay when a home is sold?
- What is a Purchase and Sale Agreement?
- What if I decide I want to change something in the contract?
- Do I have to put down a second deposit?
- How much should my deposit be?
- What happens to my deposits after the sale?
- When should I submit a loan application to the bank?
- What happens if my loan is not approved by the deadline in the contract?
- What happens if my loan is denied?
- How can I be sure I'm getting what I pay for?
- What happens after I get my mortgage commitment?
- What is a final walk-through?
- How do I find out how much my closing costs will be?
- What does the closing attorney do?
- Who does the closing attorney represent?
- Can the closing date be changed once it has been set?
- What happens at the closing?
- What do I need to bring to the closing?
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