Your mortgage includes the price of the property and interest rates. That’s what PI stands for. Basically, when you apply for a mortgage you pay a way higher price for your house since you owe the interest rate to your bank. The acronym PITI stands for principal, interest, taxes, and insurance. When you apply for a mortgage, lenders usually estimate PITI for you to decide whether you qualify for a mortgage or not. They need to analyze your sources of income because they want you to repay your mortgage on time and avoid risks. Also, the higher the risk, then the as for higher the interest rate. These are some basic principles. But, I would recommend you not to hesitate to contact some other experts. When my brother applied for a mortgage, he consulted with
Mortgage Advice Cardiff, and they guided him when he was applying for a mortgage.
