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Mortgage Glossary N


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Term Definition
National credit repository One of the three credit bureaus that maintain national credit reporting databases: Equifax, Experian, and Trans Union
Negative amortization As opposed to "amortization", negative ammortization happens when monthly mortgage payments do not cover all of the interest cost. The unpaid interest is added to the principal balance, eventually causing the amount of the loan to increase.
Negative equity Often the result of negative amortization, negative equity occurs when the value of an asset used to secure a loan falls below the loan's outstanding balance.
Net income The amount of money an individual receives after taxes and any other deductions have been deducted from the paycheck
No cost loan Does not charge for items such as title insurance, escrow fees, settlement fees, appraisal, recording fees or notary fees, but has a higher interest rate
No income verification See "stated income".
Non-conforming loan Also called a jumbo loan. Conventional home mortgages not eligible for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan amount, loan characteristics or underwriting guidelines. Non-conforming loans usually incur a rate and origination fee premium. The current non-conforming loan limit is $252,700 and above.
Notary An individual who serves as a public official with the authority to authenticate required signatures on a document with his/her signature and stamp
Note A written agreement containing a promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand.
Notice of default A formal written notice that the loan is in default and legal action is possible.


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