A Budget Mortgage is a mortgage structure which includes monthly payments for taxes and insurance, in addition to the standard interest and principal. This type of mortgage ensures that homeowners set aside the necessary funds for property tax and insurance premiums.
A form of insurance that provides protection against specific perils such as fires, storms, or other hazards, though it does not cover flood damage. It is often required by mortgage lenders to protect their financial interest in the property.
A homeowner's insurance policy is a type of insurance specifically designed to protect homeowners from losses caused by various common disasters, hazards, theft, and liability. Coverage and costs can vary widely, and certain types of coverage like flood insurance may need to be purchased separately.
