Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Negative Amortization
When monthly payments do not cover the interest there is an increase in the principal balance. This is means that the principal balance will increase.
Non-conforming loan
Loans that do not follow the guidelines set by Fannie Mae and Freddie Mac.
Note
An instrument that recognizes a debt and acknowledges the need to pay.
Notary Public
Someone who is duly authorized to take acknowledgements of deeds, contracts, and mortgages.
Notice of default
A notice sent to the wrongful party as recognition of a default made.
