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What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full monthly mortgage payment. Lenders use PITI to determine if you qualify for a loan, typically requiring PITI to be no more than 28% of your gross monthly income (front-end DTI ratio).

What is PMI and when can I remove it?

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% (LTV > 80%). It protects the lender — not you — if you default. By federal law (Homeowners Protection Act), PMI must be automatically canceled when your mortgage balance reaches 78% LTV (based on original value). You can request cancellation at 80% LTV.

30-year vs 15-year mortgage — which is better?

A 15-year mortgage has a higher monthly payment (roughly 30–40% more) but dramatically less total interest — often $100,000+ savings on a $300,000 loan. The rate is also typically 0.5–0.75% lower. If you can comfortably afford the higher payment, the 15-year saves significantly. If cash flow is tight or you can invest the difference at a higher return, the 30-year gives more flexibility.

What mortgage rate can I qualify for?

Your rate depends primarily on your credit score, down payment (LTV ratio), loan type (conventional, FHA, VA), and lender. FICO 760+ typically gets the best rates. FHA loans allow credit scores as low as 580 with 3.5% down. VA loans for veterans often have no down payment and competitive rates. Shop multiple lenders — rate differences of 0.5% on a 30-year loan can mean $30,000+ in total interest.