The Mortgage Payment

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The mortgage payment is the money you give to the lender or bank each month to repay the loan and pay the costs for borrowing the money.

A mortgage payment has four parts. The four pieces of a mortgage payment are often called PITI short for principal, interest, taxes, and insurance. The following are definitions of each part of the mortgage payment.
Principal:

is the amount of money that you borrowed.
Interest:

is the money that the bank charges you for the loan. Interest is a percentage of the principal.
Taxes:

is money that is charged to you by local and state governments. A portion of you taxes is added to your mortgage payment and put in an escrow account until it is time to pay the taxes.
Insurance:

your mortgage payment will include payment towards you insurance policies. In a lot of cases you will have to pay for the following types of insurance.

* Hazard Insurance: covers you against damage from storms, fires etc
* Flood Insurance: if you mortgage is federally insured, and the property you are buy is in a flood plain. you will be required to purchase flood insurance.
* Private Mortgage Insurance (PMI): If you made a down payment of less then 20% of the value of your home or have less then 20 % equity in your home, you will have to pay for Private Mortgage Insurance or PMI

For more information on adjustable rate mortgages, amortization tables, mortgage basics visit Independent Loan Information.

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Topics: Mortgage Refinance | Comments Off

Tags: adjustable rate mortgages, amortization tables, First time home buyer loans, mortgage, Mortgage Refinance

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MLA Style Citation:
Thomson, Robert "The Mortgage Payment." The Mortgage Payment. 17 Mar. 2009. uberarticles.com. 17 Apr 2012 <http://uberarticles.com/finance/mortgage-refinance/the-mortgage-payment/>.

APA Style Citation:
Thomson, R (2009, March 17). The Mortgage Payment. Retrieved April 17, 2012, from http://uberarticles.com/finance/mortgage-refinance/the-mortgage-payment/

Chicago Style Citation:
Thomson, Robert "The Mortgage Payment" uberarticles.com. http://uberarticles.com/finance/mortgage-refinance/the-mortgage-payment/

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