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| Home | Ask Your Question | Mortgage Glossary | ||
ImpoundThat portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves. |
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Related Mortgage Definitions: Title Insurance Title Insurance A policy, issued by a title insurance company, which insures a home buyer against errors in the title search. The cost of the policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller. Policies are also available ... more... Homeowner's Insurance Homeowner's Insurance Homeowner's insurance: An insurance policy that combines liability coverage and hazard insurance - a type of insurance that protects the property insured against specified losses such as fire, tornadoes, earthquakes, etc. Often, mortgage lenders require ... more... Closing Costs Closing Costs Expenses incurred by the buyer and seller in a real estate or mortgage transaction. There are two types of costs: recurring and non recurring. Non-recurring costs are one time transactional costs ... more... Settlement Costs, Closing Costs Settlement Costs, Closing Costs Expenses incurred by the buyer and seller in a real estate or mortgage transaction. There are two types of costs: recurring and non recurring. Non-recurring costs are one time ... more... |
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