Results for the letter N - Records (11 - 19) of 19
Term
Definition
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 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 transferof 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.
Note  
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.
www.TitleGuarantyFlorida.com Title Guaranty of South Florida, Inc. Main Office - (954) 389-9483 Main Fax - (954) 389-9487 Boca Office - (561) 361-9454 Boca Fax - (561) 361-9843