T1 (Type 1) represents NO adjustment for 1) how long you expect to live in the property and 2) the refinancing of an existing loan which has been significantly paid down.
T2 (Type 2) allows for an adjustment for how long you expect to live in a property.
T3 (Type 3) allows for an adjustment for refinancing an existing loan which has been significantly paid down.
PV (Present Value) makes use of the present value of future cash flows.
Note: All of the above could significantly effect a person's decision to refinance.

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