The Quiz: Which is NOT one of the four primary components of a mortgage payment?
Taxes
Interest
Underwriting
Insurance
Known by the acronym PITI, the four main components of a monthly mortgage payment are principal, interest, taxes, and insurance. The principal is the amount of money originally borrowed, the interest is the money the lender makes on the loan, taxes vary depending on where you live, and many borrowers pay mortgage insurance on top of all that. Underwriting is the process used to determine loan approval.
The correct answer to this quiz is Underwriting.