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
Map delineating property values over a designated area. Land value maps are usually developed by a governmental planning agency. ...
Region or locality that assesses real estate taxes on the properties located within its borders. Frequently, the local county or city is the property taxing jurisdiction which is empowered, ...
Real estate broker specializing in the listing and selling of commercial property. This property can include apartments, businesses, hotels, industrial, retail or wholesale uses. ...
Standard days when an organization is open and conducts business. Business days exclude weekends and holidays. ...
Bond whose interest is free of federal, state, or local tax in the state of the issuer. It is typically a municipal bond of estate or county agency. For example, a New York City resident ...
People often use the term in their everyday discourse, yet many wonder what the meaning of common law genuinely implies. Common law refers to a system of jurisprudence based on court ...
Accumulation of housing units deemed substitutable by homogeneous households, such as those having comparable attractiveness and usefulness. ...
Have you heard someone talking about a 35-percent rule of thumb and you nodded acknowledging but the truth is that you had NO idea what in the world a “35-percent rule of thumb” ...
Certificates that pass-through principal and interest payments to investors. ...
Have a question or comment?
We're here to help.