This stands for principal, interest, taxes and
If you have an "impounded" loan, then your monthly payment to the
lender includes all of these and probably includes mortgage insurance as well.
If you do not have an impounded account, then the lender still calculates this
amount and uses it as part of determining your debt-to-income ratio.
Real Estate Glossary:
401K - E |
F - M |
N - V