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Word of day: “PITI”
“PITI”, stands for “Principal, Interest, Taxes & Insurance”. These are the four elements of a monthly mortgage payment. Payments of principal and interest go directly towards repaying the loan, while the portion that covers taxes and insurance (homeowner’s and mortgage insurance, if applicable), goes into an escrow account to cover the fees when they are [...]
15 Great Decluttering Tips For The Home
This is a great article from Zen Habits: http://zenhabits.net/2007/10/15-great-decluttering-tips/:
“As with anything, getting rid of clutter can be made incredibly simple: just go through your stuff, one section, closet, drawer, or shelf at a time, and get rid of everything that isn’t absolutely essential, that you don’t love and use often.
Of course, simplifying a process like [...]
Discount & Origination Points: Not The Same Thing
When buying discount points towards a mortgage, you are actually buying down the rate today (discounting) for a lower rate for tomorrow. An origination point, on the other hand is a “Junk Fee” - it does not go towards lowering the rate (typically goes towards the lender’s pocket). So, when buying points, make sure it’s of the “Discount” variety.
Daniel
The Sales Contract: What Is A Mortgage Contingency?
I recently posed this question to Neil Garfinkel…here’s his response:
‘A mortgage contingency in a contract gives the buyer a time frame within which to obtain the mortgage financing necessary to complete the transaction contemplated by the contract. In the event the buyer does not receive a mortgage commitment within the time frame set forth in the [...]
