Monthly Housing Expense


Definition of "Monthly Housing Expense"

Cathy Hunter
Cathy Hunter Coldwell Banker

Same as term housing expense. The sum of the monthly mortgage payment, hazard insurance, property taxes, and homeowner association fees. Housing expense is sometimes referred to as PITI, standing for principal, interest, taxes, and insurance.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Points

An upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., '3 points' means ...

Documentation Requirements

A lenders requirements regarding how information about income and assets must be provided by the applicant and how it will be used by the lender. The ...

Affordability

A consumer's capacity to afford a house. Affordability is usually expressed in terms of the maximum price the consumer could pay for a house and be ap ...

Payment Shock

A very large increase in the payment on an ARM that may surprise the borrower. The term is also used to refer to a large difference between the rent ...

Nichification

Proliferation in the number of loan, borrower, property, and transaction characteristics used by lenders to set mortgage prices and underwriting requ ...

Origination Fee

An upfront fee charged by some lenders, expressed as a percent of the loan amount. It is the same as points except that points vary with the interest ...

Popular Real Estate FAQ

What Is A Front-end Ratio?

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest, property taxes, and insurance (OITI)-compared to ...

Besides Making My Monthly Mortgage Payment, How Can I Build Equity Into My House?

When making your monthly mortgage payment, try to send a little bit more. This will go directly to the principal of the loan rather than the interest ...

What Is A Buyer’s Agent?

An agent hired by buyers to help them find and negotiate the purchase of a home. This agent works for the best interests of the buyers, not the seller ...

What Is A Loan Origination Fee?

A loan origination fee is a fee charged by the lender-usually 1 percent of the loan amount. ...

What Is An Escrow Officer?

An escrow officer - also known as a loan officer - is the person that walks you through the closing process. They are usually employed by the title c ...

What Is A Convertible ARM?

A convertible ARM is an adjustable- rate mortgage (ARM) that can be converted into a fixed rate mortgage under certain conditions. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Seller’s Agent vs. Buyer’s Agent: the age-old question 7 Things to Consider Before Moving to a New City Why Use a Real Estate Agent? Build or Buy? That’s the Big Question The First-time Home Buyers Guide to Home Insurance

FAQ

What is an overall debt ratio? What do I need to know about Watercraft Insurance? What is a CD? What is Disability Insurance? What is a proration?