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September 29, 2008
- 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.
- 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 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.
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.
- 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.
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.