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An annual or semiannual tax that is assessed, collected, and used by your local government for community funding. Commonly this is escrowed and included in your monthly mortgage payment.

An insurance policy that protects your property and belongings from damage and destruction (also known as Hazard Insurance). It also can protect you from liability if damage or injury is caused to other people on your property.

Homeowners Association fees (or dues) are used to cover services and amenities in the community or neighborhood the property is in.

An insurance policy that protects a lender if a borrower defaults on their loan. Having Mortgage Insurance can make it easier for buyers with smaller down payment amounts to buy a home.

You can make interest only payments for the selected amount of years before making principal and interest payments. During this period you still can make interest only payments, as well.