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| PITI | These initials stand for “principal, interest, taxes and insurance”, all of which comprise your monthly mortgage payment. |
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| Points | Also known as Discount 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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