One question that you might be wondering about, as I was myself at one time, is just what PITI is all about? How does it apply to a home mortgage refinance payment. You know, you hear this term thrown out all the time but you may not know what it stands for.

This term represents how your money will be applied whenever you make your home monthly mortgage payments. The P stands for the amount that goes towards the principal of your loan. The I is the money that you pay for the interest on the loan for a given month.

T is for taxes. And the last I is for the insurance costs each month. Hopefully this will give you a better understanding of what this is about. I know when my wife and I bought our first home, all of the lingo and terms were so confusing. And people would talk to us like we should already know all of this upfront.