| |
|
|
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.
create
an amortization table |
| |
|
| |
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 lease
Lease in which tenant pays base plus some portion of the operating
expenses of the property. |
| |
|
| |
Net operating income (NOI)
Gross Income minus operating expenses. NOI is the investor's
dollar yield, or return, on a property before debt service. |
| |
|
| |
Net rentable area
(Same as Rentable Area) Specific square footage for which
rent can be charged. |
| |
|
| |
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 |
apply for a no-doc loan |
| |
|
| |
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. |
| |
|
| |
back to top |
| |
|
