Budget loan
A loan in which the monthly payments made by the borrower cover not only interest and a payment on the principal, but also 1/12 of such expenses as taxes, insurance assessments, private mortgage insurance premiums, and similar charges.
A loan in which the monthly payments made by the borrower cover not only interest and a payment on the principal, but also 1/12 of such expenses as taxes, insurance assessments, private mortgage insurance premiums, and similar charges.
