MortgagesPITI
PITI (Principal, Interest, Taxes, Insurance)
The four fundamental components that make up a standard monthly mortgage payment.
📚 Financial Knowledge Base
Financial Industry Glossary & Underwriting Guide
Master essential home mortgage, auto financing, interest rate, and underwriting terminology with interactive calculators, mathematical formulas, and practical lending guidelines.
Terms Starting With "P"
Showing 4 definitionsMortgagesPMI
Private Mortgage Insurance (PMI)
Insurance required on conventional loans with down payments under 20% that protects the lender in case of default.
Rates & Interest
Prime Rate
The benchmark interest rate that commercial banks charge their most creditworthy corporate borrowers.
Rates & Interest
Prepayment Penalty (Step-Down & Hard/Soft)
A contractual fee clause in commercial, DSCR investor, and non-QM loans that charges the borrower a percentage fee if the loan is paid off or refinanced within an initial lock-out window.