In Ohio, the term 'PITI' refers to the four components of a typical monthly mortgage payment. PITI stands for:
Correct Answer
C) Principal, Interest, Taxes, and Insurance
PITI stands for Principal, Interest, Taxes, and Insurance. These are the four components of a typical monthly mortgage payment: repayment of principal, interest on the loan, property taxes (often escrowed), and homeowner's insurance (often escrowed).
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In Ohio, the conveyance fee is paid at the time of:
- → In Ohio, property tax prorations at closing are typically calculated based on:
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- → In Ohio, the conveyance fee statement (DTE 100 form) must be filed with the county auditor when transferring real property. This form requires disclosure of:
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- → In Ohio, certain counties utilize the Auditor's Transfer Acknowledgment process. When submitting a deed for recording, the conveyance fee statement (DTE form) must accurately state the consideration. If the stated consideration is found to be fraudulently understated to reduce the conveyance fee, the seller may face:
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Previous Question
An Ohio buyer obtains a conventional mortgage with a 90% LTV. The lender requires private mortgage insurance (PMI). Under federal law, the borrower may request cancellation of PMI when the LTV reaches:
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An Ohio buyer is comparing a 15-year fixed mortgage to a 30-year fixed mortgage for the same loan amount. Which statement is MOST accurate?