PITI
Principal, interest, taxes and insurance, which comprise your monthly mortgage payment. |
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Points
The amount paid either to maintain or lower the interest rate charged. Each point is equal to one percent (1%) of the loan amount (i.e., two points on a $100,000 mortgage would equal $2,000). |
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Prepayment Penalty
A fee paid to the lending institution for paying a loan prior to the scheduled maturity date. |
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