| Real Estate Terminology, Wording |
Gladwin Real Estate Information
National Association of Realtors (NAR)
A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide
Negative Amortization
A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to
cover the entire principal and interest charges; this shortfall amount is added to the remaining balance, resulting in negative
amortization
Net Listing
The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a
type of listing which is illegal in many states
Net Worth
The total value of all of an individual's assets, minus all liabilities or debts
No Cash-out Refinance
A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining
balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old
and other funds for the borrower's use (as long as the amount is one percent or less of the principal amount of the new
mortgage)
Notary
An individual authorized by law to certify documents and signatures
Note
A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated
period of time
Note Rate
The interest rate stated on a mortgage note.
No-cost Loan
Almost all lenders offer loans at "no points." You will find the interest rate on a "no points" loan is approximately a quarter
percent higher than on a loan where you pay one point.
Notice of Default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide
Negative Amortization
A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to
cover the entire principal and interest charges; this shortfall amount is added to the remaining balance, resulting in negative
amortization
Net Listing
The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a
type of listing which is illegal in many states
Net Worth
The total value of all of an individual's assets, minus all liabilities or debts
No Cash-out Refinance
A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining
balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old
and other funds for the borrower's use (as long as the amount is one percent or less of the principal amount of the new
mortgage)
Notary
An individual authorized by law to certify documents and signatures
Note
A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated
period of time
Note Rate
The interest rate stated on a mortgage note.
No-cost Loan
Almost all lenders offer loans at "no points." You will find the interest rate on a "no points" loan is approximately a quarter
percent higher than on a loan where you pay one point.
Notice of Default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.