Finance
What does the acronym PITI stand for in Vermont mortgage payments?
APrincipal, Interest, Taxes, Insurance✓ Correct
BProperty, Insurance, Title, Interest
CPurchase, Inspection, Title, Insurance
DPrincipal, Income, Tax, Interest
Explanation
PITI stands for Principal, Interest, Taxes (property taxes), and Insurance (homeowner's insurance). Most Vermont conventional mortgage payments include all four components, often collected in escrow by the lender to ensure property taxes and insurance are paid.
Related Vermont Finance Questions
- A balloon mortgage in Vermont requires the borrower to:
- A wraparound mortgage is a form of seller financing in which:
- An adjustable-rate mortgage (ARM) in Vermont is characterized by:
- A due-on-sale clause in a Vermont mortgage means:
- A Vermont property owner has a mortgage balance of $180,000. The home appraises at $280,000. What is the current loan-to-value (LTV) ratio?
- A mortgage in Vermont creates which type of interest in the property for the lender?
- Vermont's 'private mortgage insurance cancellation' rights under the Homeowners Protection Act (HPA) allow borrowers to request PMI cancellation when:
- The secondary mortgage market in the United States is most directly supported by which of the following entities that purchase Vermont mortgages from lenders?
Practice More Vermont Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Vermont Quiz →