Budget Mortgage
Definition of "Budget mortgage"
Involves monthly payments for property taxes and insurance, besides principal and interest. The tax and insurance payments are put into an impound account. For a residential mortgage this means one-twelfth of the property taxes and property insurance each month. For the borrower, the advantage is the spreading out of these annual expenses into 12 equal payments. For the lender, who normally places these funds into an impound or reserve account, the advantage is the assurance that these expenses will be paid when due.
Popular Real Estate Terms
Classification of one's ownership rights in land. One way either buy the land and own all rights to it or lease it where one's rights are described in and limited by the lease agreement. ...
Purchase of part of property or property rights when condemnation takes place. The owner must be justly reimbursed. ...
A method of purchasing real estate whereby a maximum amount of leverage is used. Normally the seller will finance the down payment necessary to acquire a mortgage. Thus, the purchaser is ...
Single-family dwelling attached to other units by common walls. ...
Location Analysis is the appraisal of a general geographic area for a particular use. A Residential Real Estate Market professional (or consumer) rarely deals with a Location Analysis ...
Percentage of royalties derived from an oil and gas lease payable to someone other than the property lessor. It is a net royalty interest in the oil and gas recovered at the surface free of ...
Right of tenant to make use of a property's wood or food producing capacity to provide for his or her own necessities. ...
Contains the appliances necessary for the maintenance of an establishment. ...
Half oval window. It is usually small and placed over a doorway serving a decorative purpose. In some case, the window may be mounted with a hinge at either end to a permit opening for ...
Have a question or comment?
We're here to help.