Understanding PITIA: What Goes into Your Mortgage Payment?

Have you ever wondered what makes up your monthly mortgage payment? Let's demystify it together! In our latest video, David Lenoir, a seasoned real estate agent with Coldwell Banker Realty in Greater Boston, and Rick Waldron, an expert mortgage representative at Guaranteed Rate Affinity, break down the components of PITIA. PITIA stands for Principal, Interest, Taxes, Insurance, and Association fees, crucial elements every homebuyer, especially first-timers, should understand.

Principal is your loan's backbone, reducing your balance and building equity.

Interest is the cost of borrowing money, calculated at an agreed-upon rate.

Taxes are levied by your municipality based on your home’s assessed value.

Insurance protects your home against potential losses, a must-have as required by lenders.

And in condos, Association fees cover essential common expenses.

This insight can significantly impact your buying decisions and financial planning. Don’t miss out on learning more—watch our detailed video to fully grasp how each part of PITIA affects your mortgage!

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