Taxes and Insurance

Annual mortgage insurance premium is the ongoing FHA mortgage-insurance charge that is typically collected monthly as part of the housing payment.

Flood insurance is property coverage for flood-related loss that may be required by a mortgage lender depending on location and risk.

Hazard insurance refers to property-damage coverage that helps protect the home against covered physical perils.

Homeowners insurance is property coverage that protects against certain covered losses and is commonly required by mortgage lenders.

Mortgage insurance premium is the FHA mortgage-insurance cost paid by the borrower, including upfront and ongoing components.

PITI stands for principal, interest, taxes, and insurance, a common shorthand for the core monthly housing payment components.

PMI is insurance typically required on certain conventional mortgages when the borrower makes a smaller down payment.

Property taxes are local taxes assessed on real estate that borrowers often pay through the monthly mortgage escrow process.

Mortgage taxes and insurance terms that explain recurring housing costs and borrower protections that affect loan approval and monthly payment.

Upfront mortgage insurance premium is the one-time FHA mortgage-insurance charge that is usually paid at closing or financed into the loan.