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Real Estate & Mortgage Terms (Disclaimer: Always seek advice  regarding questions for: Legal, Tax, Accounting, Lending, Surveying, Inspecting, etc. from those other areas of expertise.  They may best answer questions regarding these matters!  Additionally, please allow that "typos" / errors / changes may occur at this site and / or other sites, herein referred / linked to...  Information is presented only for your convenience.  Any corrections or suggestions are gladly received!  Thanks for visiting our site!   Quigley Team, Realty World - John Horton & Assoc.)

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.    (Top)

Net Effective Income: The borrowers gross income minus federal income tax.

Non-conforming loan: Loans that do not comply with Fannie Mae or Freddie Mac guidelines.    (Top)

Note: A written instrument that acknowledges a debt and promises to pay.

Notary Public: One authorized to take acknowledgments of certain types of documents, such as deeds, contracts, and mortgages.

Notice of default: A letter sent to the defaulting party as a reminder of the default.

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