Mortgage Dictionary for words that start with letter N
NATIONAL ASSOCIATION OF REALTORS - The association of REALTORS dedicated to the protection and the preservation of the free enterprise system and the right of the individual to own real property as guaranteed by the Constitution of the United States of America. Each member of the NATIONAL ASSOCIATION OF REALTORS must adhere to a strict Code of Ethics and Standards of Practice designed to provide assurances to the public of the REALTORS integrity and professionalism.
Negative Amortization - An increase in principal balance which occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance.
Net Listing - An arrangement whereby the Broker receives as commission all monies received above a minimum sales price agreed to by the owners and the Broker.
Non-conforming Loan - Loans that are above the loan limits set by FNMA and FHLMC. Also known as jumbo loans.
non-conforming loan Also called a jumbo loan. - Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a rate and origination fee premium.
Nonconforming Use - A property which does not conform to the zoning of an area.
Note - A written promise to repay a certain sum of money on specified terms.
note - A written agreement containing a promise of the signer to pay to a named person or entity a definite sum of money at a specified date or on demand.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.