Finance
What does 'PITI' stand for in mortgage lending?
APrincipal, Interest, Taxes, Insurance✓ Correct
BPayment, Interest, Title, Insurance
CPrincipal, Income, Taxes, Impound
DPayment, Investment, Term, Interest
Explanation
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Lenders use the total PITI amount when calculating a borrower's housing expense ratio.
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