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Negative Amortization: Amortization means
that monthly payments are large enough to pay
the interest and reduce the principal on your
mortgage. Negative amortization occurs when the
monthly payments do not cover all of the
interest cost. The interest cost that isn't
covered is added to the unpaid principal
balance. This means that even after making many
payments, you could owe more than you did at the
beginning of the loan. Negative amortization can
occur when an ARM has a payment cap that results
in monthly payments not high enough to cover the
interest due.
Negotiable: Capable of being negotiated;
assignable or transferable in the ordinary
course of business.
Net Listing: A price, which must be
expressly agreed upon, below which the owner
will not sell the property and at which the
broker will not receive a commission; the broker
receives the excess over and above the net
listing price as commission. The broker in this
type of listing will have a very hard time
maintaining his fiduciary responsibilities to
his seller since his interests are potentially
at odds with the interests of the seller.
Net Worth: Value remaining after
subtracting the liabilities from the assets of a
company or an individual.
No Cash-Out Refinance: A refinance
transaction which is not intended to put cash in
the hand of the borrower. Instead, the new
balance is calculated to cover the balance due
on the current loan and any costs associated
with obtaining the new mortgage.
No-Cost Loan: Offered by most lenders,
the loan that has no cost or no points, but
generally the interest rate of these loans are a
bit higher.
Non-Conforming Loan: A loan that exceeds
Fannie Mae’s and Freddie Mac’s loan limits,
currently at $227,150. Freddie Mac and Fannie
Mae loans are referred to as conforming loans.
Non-Conforming Use: A property which does
not conform to the zoning of an area.
Notary Public: An official authorized by
law to witness or attest to an acknowledgment by
a person who has executed a legal contract.
Note: A signed written document
acknowledging a debt and promising payment of a
mortgage.
Note Rate: The interest rate stated on a
mortgage note.
Notice of Default: A formal written
notice to inform a borrower that he/she is
behind in payments and that legal action may be
taken.
Notice of Non-Responsibility: A legal
notice that removes responsibility of
improvement costs from a property owner.
Notice of Rescission: A recorded notice
to rescind a notice of default of a mortgage or
deed of trust. |
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