budget mortgage

Budget Mortgage

A mortgage that consolidates insurance and tax payments into the principal and interest. This allows the property owner to write one check each month for all housing expenses. Most mortgages on residential properties are budget mortgages. See also: PITI.

budget mortgage

Typically a residential mortgage,one that requires monthly payments for real estate taxes and insurance in addition to principal and interest payments.

References in periodicals archive ?
Although the town's financial position has been bolstered by above budget mortgage tax receipts since the beginning of the decade, the town has prudently established dedicated reserves for health care, workers compensation and other future costs with a portion of these revenues.
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