http://www.pitithefool.com/mortgage/mortgage-loans/ There be more to your mortgage loans than you're bargaining for, fool! We don't PITI you and your mortgage loans for nothing. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Oh yeah, baby! We PITI the Fool that doesn't know everything about mortgage loans. There are so many hidden tricks - so much jibba jabba and dirty dudes that at some times you won't know who to trust. Trust no one other than yourself blubba boy, and use your better judgment and mortgage knowhow to rockem sockem good and plenty, foo! We PITI your mortgage loans You ain't no sucka chump! You know we ain't saying PITI again and again simply because we can't spell! Who you think we are? We bad! We be the baddest mortgage champions in the world, and only when you know PITI can you get bad with mortgage loans too: P be for Principal, and this be the amount you initially take out. The principal is the reason you are taking out mortgage loans in the first place, that financial assistance that finances your home. The principal does not change over the course of your loan, you know it, you see it, now beat it to a pulp. I be for Interest, and if there is anything PITI the Fool hates more than interest its some sucka fool claiming to charge no interest for their mortgage loans. Interest makes home financing possible because there ain't nobody dumb enough to give you money without getting chump change in return. But interest ain't chump change, and even a slight difference in mortgage rates will change your required repayment incredibly. Interest won't change if you decide upon fixed rate mortgage loans, but adjustable rates? You'd better hold on tight, kid! Depending on the loan you chose, your rate will begin changing from six months to seven years, and that rate will change either once a year or once every six months. T be for taxes, and there ain't no way to avoid paying the man his demanded dues. Taxes on land, taxes on services, taxes even on the purchase of your home. imagine going to a restaurant as seeing the bill - 9% tax for a plate of frijoles. No multiply that dollar plate by 200,000 and you can see the mountains of taxes just piling up to the sky. Fortunately for you, taxes are one time expenses that are usually incorporated into your mortgage loans and repaid over the course of your loan term. I be for Insurance, and you only need insurance if you a sucka fool who don't meet the lenders qualification standards. You will need to get mortgage insurance on your mortgage loans if you either lack the necessary income to make the lender trust you, lack the necessary down payments to let the lender trust you, or if you take the course of a stated-income mortgage loan and deny your lender access to your assets or income altogether. insurance isn't for you though, it is protection for your lender against your potential missed payments. the good thing about insurance it that it usually disappears aftera few years of steady payments. That be the PITI end of that Thats PITI, your side of the mortgage bargain and almost all of the charges you are responsible for in that first or second mortgage your be blabbin about! Use a mortgage calculator to find out what you can afford, then approach as many lenders as possible and make them fight to bring you the best deals on your home mortgage. Sat, 26 Jul 2008 15:00:00 EDT