Mortgage Rates Broker | Lender | Rates
What is PITI?
PITI refers to principal Interest Taxes and Insurance. Normally you would find Calaveras CA Mortgage expert talk to you referring your payments as pity. It is the collective amount that you would be paying on your mortgage every month.
Call Calaveras CA expert below to get you the lowest mortgage rate on your refinance.
What is a Loan to value ratio?
Your outstanding mortgage balance divided by your property value multiplied by 100 to get a percentage is what is said to be LTV. In other words, if you owe $ 150,000 and your property value $ 280,000. Then your LTV would be $ 150,000/$ 280,000 X 100 = 53.57%. This essentially denotes that you are borrowing 53.57% of your home value and the remaining 46.42% (100% - 53.57%) is the equity portion in your house.Call Calaveras CA expert below to get you the lowest mortgage rate on your refinance.
Current Mortgage rates Calaveras CA
Product Rate
● 30 year fixed 3.66%
● 15 year fixed 2.94%
● 5/1 ARM 2.99%
What is Escrow?
Calaveras Mortgage borrowers may want the bank or the lender to pay property taxes to the county and homeowner insurance to the insurance company on their behalf instead of borrowers paying it themselves. In some cases, it is mandatory because if the equity on the home is less than 20%, a bank makes it mandatory that they pay the taxes on behalf of the borrower because in the default of the borrower making the payment. The county gets the first lien on the property and banks don’t like that.
Hence they maintain a spate account which is called Escrow which is essentially Calaveras CA mortgage borrower’s kitty where each month as and when the mortgage borrower makes his housing payment the sum is collected in that kitty called Escrow. It is from this escrow that the sum collected is then disbursed to the county when the property taxes are due and paid to Home Owner Insurance whenever Insurance has to be renewed.
Call Calaveras CA expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower. You can even email at roger@affordable-payment.com
Article by Roger Shanker
