National Association of REALTORS (NAR)
National organization of Real Estate agents and brokers. |
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Negative Amortization
Occurs when a borrower makes a minimum payment that may not cover the interest that is due. The loan balance then increases as a result. |
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Non-Assumption Clause
A term of a mortgage contract that prohibits the transfer of the mortgage to another owner without the consent of the lender. |
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Non-Conforming Loan or Mortgage
A loan or mortgage that does not qualify for the Freddie Mac (FHLMC) or Fannie Mae (FNMA) programs. |
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Non-Exclusive Listing
A real estate listing in which no broker or agent has any claim. |
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Notary Public
A person authorized by the state who attests to the authenticity of signatures. |
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Note
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. |
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Notice of Default
Notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, are not paid within a certain time, foreclosure proceedings may be commenced |
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Null and Void
No legal force or effect, void. |
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