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Due to current weather conditions, and for the safety of our customers and team members, our locations in the following cities are closed today, December 9: Devils Lake, Minot and Park River.

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Principal, Interest, Taxes and Insurance (PITI)

Definition

The four components of a monthly mortgage payment. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the monthly cost of property taxes and homeowner’s insurance.

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