Finance
In New Mexico, the 'PITI' acronym in mortgage payment calculations stands for:
APrincipal, Interest, Title insurance, Insurance
BPrincipal, Interest, Taxes, Insurance✓ Correct
CPayment, Interest, Transfer, Income
DPurchase, Income, Taxes, Inspection
Explanation
PITI refers to the four components of a typical monthly mortgage payment: Principal (loan repayment), Interest (cost of borrowing), Taxes (property tax escrow), and Insurance (homeowner's insurance escrow).
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