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Real Estate Glossary
To view a real estate term, click on one of the letters below.
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Negative Amortization - An increase in the outstanding balance of a mortgage
that occurs when the monthly payment is not large enough to cover the interest
due. The amount of the shortfall is added to the remaining balance to create
"negative" amortization.
Net Cash Flow - The income that remains for an investment property after the
monthly operating income is reduced by the monthly housing expense, which
includes principal, interest, taxes, and insurance (PITI) for the mortgage,
homeowners' association dues, leasehold payments, and subordinate financing
payments.
No Closing Cost Loan - A loan in which the fees the borrower(s) are not required
to pay cash out-of-pocket at closing for the normal closing costs. The lender
typically includes the closing costs in the principal balance or charges a
higher interest rate than for a loan with closing costs to cover the advance of
closing costs.
Net Worth - The value of all of a person's assets, including cash, minus all
liabilities.
Non-Conforming Loan - See jumbo loan.
Non-Liquid Asset - An asset that cannot easily be converted into cash.
"No Out Of Pocket Cost" Loan - A loan in which the fees the borrower(s) are not
required to pay cash out-of-pocket at closing for the normal closing costs. The
lender typically includes the closing costs in the principal balance or charges
a higher interest rate than for a loan with closing costs to cover the advance
of closing costs.
Notary - An official authorized by law to attest and certify certain documents
by his or her hand and official seal.
Note - A legal document that obligates a borrower to repay a mortgage loan at a
stated interest rate during a specified period of time.
Note Rate - The interest rate stated on a mortgage note.
Notice Of Default - A formal written notice to a borrower that a default has
occurred and that legal action may be taken.
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