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
Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...
List of dwelling units, such as homes. ...
Net return rate earned on an equity investment in real estate after deducing any interest costs and taxes. ...
Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
Geographic location that is gradually being developed as an urban area. ...
People often ask themselves, what does interim mean? By definition, interim means a break or pause in a particular activity. As an adjective, interim means a temporary, provisional, or ...
Pledge of personal property, e.g., furniture, as collateral for a note. If the debt is not paid, the holder of the mortgage will receive the mortgaged property. See also mortgage. ...
Charges incurred in making a sale of real estate such as real estate commissions and attorney fees. ...
Right to property depends on some occurrence. ...
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