Budget Mortgage

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Definition: Budget Mortgage

Budget Mortgage
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Full Definition of Budget Mortgage

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.

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To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

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https://payrollheaven.com/define/budget-mortgage/
Modern Language Association (MLA):
Budget Mortgage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 20, 2024 https://payrollheaven.com/define/budget-mortgage/.
Chicago Manual of Style (CMS):
Budget Mortgage. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/budget-mortgage/ (accessed: April 20, 2024).
American Psychological Association (APA):
Budget Mortgage. PayrollHeaven.com. Retrieved April 20, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/budget-mortgage/

Definition Sources

Definitions for Budget Mortgage are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.