Name Search - Top

A fee charged by title companies in some states to cover the cost of searching the public record for court orders against the current owner or proposed purchaser that could affect the title of the property.  For our comparison purposes, the name search fee is considered to be a third party fee.

National Association of Realtors® - Top

An organization of real estate sales professionals, devoted to encouraging professionalism in real estate activities. Realtors® is a registered trademark of the national association, and is properly used only to describe members of the association, not all real estate brokers or agents.

Negative Amortization - Top

An increase in mortgage debt that occurs when the periodic monthly payment is not sufficient to cover the monthly principal and interest due. The amount of the deficit is added to the remaining principal balance to create negative amortization.

Net Cash Flow - Top

The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expenses, which includes principal, interest, taxes, insurance and maintenance expenses paid for by the owner.

Net Closing Costs - Top

For our comparison purposes, the net closing costs are the total closing costs quoted by a lender, less any credit or rebate that is offered.

Net Worth - Top

The total value of all of a person's or company's assets, minus all liabilities.

New Home Sales - Top

Reports the number of new single-family homes sold, expressed on an annual basis. Can be combined with Existing Home Sales to determine the total volume of home sales, a strong predictor of future national mortgage origination volume. Frequency: monthly. Source: Commerce Department.

No Cash Out Refinance - Top

A refinance loan is an amount that pays off the existing mortgage balance on the property and does not provide the borrower with any cash at closing.

Non-Conforming Loan - Top

A mortgage that exceeds the maximum loan amount for the most common mortgage investors. The cost of obtaining a non-conforming mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a jumbo loan.

Non-liquid Assets - Top

Any assets that cannot easily be converted into cash

Notary Fee - Top

A fee for a licensed notary public to certify your signature on the loan documents.

Note - Top

The written agreement signed by the borrower at closing that contains the promise to repay the loan.  The note also contains the terms of the loan, such as interest rate, payment, and term.

Note Rate - Top

The interest rate stated on a mortgage note. Also called nominal rate or face interest rate

Notice of Default - Top

Formal written notice to a borrower that a default on a loan has occurred and that legal action may be taken.