Escrow Accounts
Lenders often talk about PITI: principal, interest, tax and insurance. Many times new homebuyers forget that they will have to pay taxes as part of their monthly mortgage payment. And some forget that they may have to pay homeowner’s insurance monthly as well. So when they talk to a loan officer the payment seems higher than what they projected.
Here is a wonderful short post about escrow accounts.
Don’t forget the T and I in your budget.
RSS Feed
2 Responses to “Escrow Accounts”
1 Don’t Forget the T and I at ChitownLiving | A Chicago Real Estate Blog 21 May 2007 @ 4:40 pm
Permalink | TrackBack
[…] When considering financing your home, the major monthly payment is PITI: principal, interest, tax and insurance. Richard Cohen reminds us not to forget the last two characters, the T and I. […]
2 Don’t Forget the T and I 15 November 2007 @ 8:01 pm
Permalink | TrackBack
[…] When considering financing your home, the major monthly payment is PITI: principal, interest, tax and insurance. Richard Cohen reminds us not to forget the last two characters, the T and I. […]
Leave a Reply