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Closing or Settlement >Escrow Rules
The lender is allowed to accumulate a borrower's payments up to a two-month advance cushion at the end of a year. But if a surplus develops beyond this amount, the borrower is now entitled to an immediate refund unless the surplus is less than $50. These rules apply to new loans.
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| Q |
What does the abbreviation PITI stand for?
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| A |
Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
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