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A
B C
D
E F
G
H I
J
K L
M
N
O
P Q
R
S T
U
V W
X
Y Z
N
Nail pops
Needs-based pricing
Negative amortization
Negative-slope driveway
Neo-traditional planning
Net cash flow
Net worth
New Urbanism
Niche
NIMBY (Not In My Back Yard)
No cash-out refinance
No-competition lots
No-documentation loan
Non-assumption clause
Non-liquid asset
Non-recurring closing costs
Note
Note rate
Notice of default
Nail pops
Nails in load-bearing parts of new homes that pop out slightly because of
settling of the structure.
Needs-based pricing
A seller's 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.
Negative amortization
The situation occurs when a borrower's 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.
Negative-slope driveway
A driveway that drops from street level to the garage.
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.
Net cash flow
Investment property that generates income after expenses such as principal,
interest, taxes and insurance are subtracted.
Net worth
The worth of a person or company based on the difference between total assets
and liabilities.
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.
Niche
A small recessed area in a wall, traditionally arched at the top.
NIMBY (Not In My Back Yard)
The response sometimes given by neighborhoods and communities to proposed
changes or development.
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.
No-competition lots
A lot in which the buyer's home will be constructed by a particular builder.
No-documentation loan
A loan application that does not require verification of income but typically
is granted in cases of large down payments.
Non-assumption clause
A loan provision that prohibits the transfer of a mortgage to another borrower
without lender approval.
Non-liquid asset
An asset such as a house that is not easily turned into cash.
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.
Note
The legal document that requires a borrower to repay a mortgage at a certain
interest rate over a specified period of time.
Note rate
The interest rate specified in a mortgage note.
Notice of default
A lender's initial action when a mortgage payment is late and attempts to
reconcile the issue out of court have failed.
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