Market value may be different from the price a property could actually be sold for at a given time. The lender is referred to as the mortgagee. The borrower or homeowner is referred to as the mortgagor. PITI PITI satnds for Principal, Interest, Taxes and Insurance. PITI is also referred to as called monthly housing expense.
Points are prepaid interests assessed at closing by the lender.
Prepaid Expenses Prepaid expenses are necessary to create an escrow account or to adjust the seller's existing escrow account. These expenses can include taxes, hazard insurance, private mortgage insurance and special assessments. Principal Principal is the amount of debt, not counting interest, left on a loan. Recission Recission describes the cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security.