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Mortgage Glossary

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Negative Amortization Amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn't covered is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments not high enough to cover the interest due.
Net After taxes
Net Effective Income Gross income minus estimated federal income tax
Net Worth The value of all of a person's assets, including cash.
Non Liquid Asset An asset that cannot easily be converted into cash.
Non-Assumption Clause A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender
Non-Conforming Loan A conventional loan that cannot be sold to Fannie Mae or Freddie Mac. Often these loans are larger than conforming loan amounts
Non-Dischargable Debt Debts, such as taxes and student loans that cannot be discharged during a bankruptcy liquidation.
Note A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
Notice of Default Written notice to a borrower that a default has occurred and that legal action may be taken.


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