FAQs

What is a mortgage? 

A mortgage is the pledging of property to a creditor as security for the payment of a debt. Owning your own home has several advantages besides the obvious satisfaction you get from homeownership. Whether you are a first-time homebuyer, a renter or you are purchasing a new or second home, we have an assortment of tools and loan programs to meet your individual financial needs.

What is PITI? 

PITI stands for Principal, Interest, Taxes and Insurance. These are the four major components a monthly mortgage payment consists of.

• Principal – this is the money the borrower uses in order to pay down the loan balance.
• Interest – this is the additional money the lender charges for their service.
• Taxes – any property taxes that the borrower should pay as a homeowner.
• Insurance – includes property insurance as well as PMI (private mortgage insurance).

NMLS ID: 1020886