North Point Financial Inc.

Ever wonder where your mortgage payment actually goes? It’s called PITI, plus HOA if you have one. 🧠

What is PITI?

P: Principal pays down your balance and builds equity.

I: Interest is the cost of borrowing. On a typical 30 year fixed loan, it’s most of the principal and interest part early on.

T: Taxes go to your county, usually through your set up escrow account.

I: Insurance covers the home. Some loans also add mortgage insurance, which protects the lender if the loan defaults.

HOA: Dues for shared costs, usually paid to the association. Lenders count them when qualifying you for a loan.

Here’s the catch: Taxes, insurance and HOA dues can change, so your monthly cost can change even on a fixed rate. Always ask for the full monthly cost, not just the rate.

☑️ Save this, and send it to a friend who’s starting to shop.

📈 Questions about your numbers? Follow for more mortgage tips, and send us a message for more info. We’ll walk you through your full monthly payment before you make an offer.

#MortgageTips #FirstTimeHomeBuyer #DenverHomeBuyers #HomeBuyingTips #PITI

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