Glossary |
Terms that are on use on this site.
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| There are 19 entries in the glossary. |
| Pages: 1 |
| Nail pops | Nails in load-bearing parts of new homes that pop out slightly because of settling of the structure. |
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| Needs-based pricing | A sellers asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house. |
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| Negative amortization | The situation occurs when a borrowers monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate loans are not subject to negative amortization, but many adjustable-rate mortgages are susceptible. |
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| Negative-slope driveway | A driveway that drops from street level to the garage. |
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| Neo-traditional planning | Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas. |
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| Net cash flow | Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted. |
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| Net worth | The worth of a person or company based on the difference between total assets and liabilities. |
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| New Urbanism | A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas. |
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| Niche | A small recessed area in a wall, traditionally arched at the top. |
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| NIMBY (Not In My Back Yard) | The response sometimes given by neighborhoods and communities to proposed changes or development. |
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| No cash-out refinance | The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan. |
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| No-competition lots | A lot in which the buyers home will be constructed by a particular builder. |
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| No-documentation loan | A loan application that does not require verification of income but typically is granted in cases of large down payments. |
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| Non-assumption clause | A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval. |
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| Non-liquid asset | An asset such as a house that is not easily turned into cash. |
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| Non-recurring closing costs | Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection. |
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| Note | The legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time. |
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| Note rate | The interest rate specified in a mortgage note. |
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| Notice of default | A lenders initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed. |
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