PITI is an abbreviation for Principle Interest Taxes Insurance these are the components that make up your monthly payment. When you apply and qualify for a loan to purchase your Pueblo or Canon City home, your mortgage company will collect not only what you owe them your principal and interest but your taxes and insurance as well. These are paid for you by the mortgage company to ensure that these are kept current so they taxes do not become delinquent. This insures that mortgage company is not left in the dark about past due taxes, past due taxes can cause a foreclosure that the lender has no control over. The mortgage company may also collect things like fees to your Home Owners Association if you have one.
This does not mean you can’t protest your property taxes or change your insurance policy or even insurance company. But your mortgage lender needs to stay in the loop.
So when you hear somebody spelling PITI you now know what they are talking about!