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Simple English definitions for legal terms

PITI

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A quick definition of PITI:

Term: PITI

Definition: PITI stands for the four main expenses that make up a mortgage payment: principal (the amount borrowed), interest, property taxes, and homeowners' and private mortgage insurance. This total amount is usually quoted on a monthly basis and helps determine if a mortgage is affordable. Lenders prefer the PITI to be 28% or less of a borrower's gross monthly income.

A more thorough explanation:

Definition: PITI is an abbreviation for the four major expenses that make up a mortgage payment: principal, interest, taxes, and insurance. These expenses are combined to determine the total amount of the mortgage payment, which is usually quoted on a monthly basis. PITI is an important factor in determining the affordability of a mortgage, and lenders generally prefer it to be equal to or less than 28% of a borrower's gross monthly income.

Example: Let's say you take out a mortgage to buy a house. Your monthly mortgage payment is $1,500. Of that amount, $1,000 goes towards paying off the principal and interest on the loan, while the remaining $500 covers property taxes and homeowners' insurance. This $500 is the PITI portion of your mortgage payment.

Explanation: The example illustrates how PITI is calculated as a portion of the total mortgage payment. In this case, the PITI is 33% of the total payment, which is higher than the recommended 28%. This means that the borrower may have difficulty affording the mortgage and may need to consider a lower-priced home or a larger down payment.

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
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I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
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windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
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I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
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Indeed, indeed.
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