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
The definition of option explains the term as something that can be chosen in spite of having multiple other alternatives. It could be an option for food, which shows a preference for one ...
List of architectural design items needing to be corrected and resolved prior to finalizing a building design. ...
Measure of the annualized compound growth of a real estate investment. ...
A hard white finishing cement with a fast setting time and a high polish capability. Consisting of anhydrous gypsum plaster and an accelerant, alum, Keene's cement is normally applied over ...
Peculiarities necessary to form a valid joint tenancy. They are unity of time, title, interest, and possession. ...
Same as term soil porosity: Extent to which soil has cavities or pores, thereby allowing water to pass through. ...
Surveyor's use of hypothetical lines to portray a properties position. North to South in the meridian line while East to West is the base line. ...
A Construction method of using twice the number of framing members to provide additional structural strength. ...
Same as term marginal land: Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered ...
Have a question or comment?
We're here to help.