Which of the following is NOT typically included in a mortgage payment?

Prepare for the Saskatchewan Mortgage Associate Exam with comprehensive questions and flashcards. Study effectively using multiple choice questions and hints to enhance understanding. Be exam-ready!

Homeowners association fees are typically not included in a mortgage payment. When a borrower makes a mortgage payment, that payment usually comprises principal repayment and interest, which are directly related to the loan. Additionally, property taxes may also be included in monthly mortgage payments if the lender manages an escrow account for these taxes. This means the borrower pays property taxes along with their mortgage payment, and the lender pays the taxes on behalf of the borrower when due.

In contrast, homeowners association fees are separate and depend on the specific requirements of the homeowner's association. These fees cover the maintenance of shared amenities or common areas within a community and are billed directly from the association rather than being integrated into the mortgage payment itself. Therefore, they do not form a part of the standard components typically found within a mortgage payment structure.

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