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The major expenditures involved with buying a home include many things. Describe the up-front costs? Identify...

The major expenditures involved with buying a home include many things. Describe the up-front costs? Identify the components of PITI.

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Answer #1

Major expenditure involved with buying of home will be including many things like-

A. Origination cost will be one time cost which will be demanded by the lenders in order to process the application of the borrower.

B. Services charge will be another form of charges which will be related to buying of home and the service charge will be including appraisal report and flood determination risk and other services

C. Taxation and governmental fees are another form of expenses which are included in the upfront payment of the housing

D. Prepaid and screw payments are also included in in the overall upfront cost which is related to purchase of a house.

Component of PITI-

PRINCIPAL, INTEREST, TAX, INSURANCE (PITI).

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