The debtor pays extra money for insurance, real-estate taxes, or other fees beyond the basic payments - principal and interest. Not paying these added fees could bring foreclosure. The lender sets this money aside in an escrow account until the taxes or other fees need to be paid. Budget mortgages are used for conventional residential mortgages as well as loans guaranteed by the Department of Veterans Affairs or the Federal Housing Administration.
Related information about budget mortgage:
- Budget Mortgage: Definition from Answers.com
A mortgage that requires monthly payments for taxes and insurance in addition to interest and principal.
- What is budget mortgage? definition and meaning
Definition of budget mortgage: The debtor pays extra money for insurance, real- estate taxes, or other fees beyond the basic payments - principal and interest.
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