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What is PITIA?
"PITIA” stands for “principal, interest, taxes, insurance, and association fees”. This generally refers to the monthly payment required by a…
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What is PITI?
"PITI" stands for “principal, interest, taxes, and insurance”. This generally refers to the monthly payment required by a borrower for…
What is a rate-and-term refinancing?
A rate-and-term refinancing is shorthand for a new loan that will replace the current loan only (i.e., it will adjust…
What is a cash-out refinancing?
A form of refinancing where the borrower will receive cash at closing. The amount of cash out will differ from…
What is a loan-to-cost ratio?
The loan-to-cost ratio is equal to the loan amount divided by the total project cost:loan-to-cost ratio = total loan amount…
What is a holdback?
The portion of the total loan amount not funded at closing. Common holdbacks include construction loans and interest reserves.Are you…
What is a construction loan?
The portion of a loan reserved for funding construction. Construction loans are generally funded in draws as the construction is…
What is a construction draw?
The portion of a construction loan that may be funded at certain milestones in the construction process, typically following a…