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Negative Amortization
Mortgage loan with a balance remaining at the end of the amortization term. This scenario is achieved with monthly payment amounts that are not sufficient to cover the principal balance or the interest for a given mortgage loan.
MORTGAGE LOAN EXAMPLES: Negative Amortization Mortgage Loan
Negative Amortization Cap
Maximum limit for an allowable mortgage loan balance of a negative amortization loan program. At this limit monthly payments are automatically increased to usually cover a fully amortized payment amount.
Negative Points
See Rebate Points
Net Income
Gross income minus federal income tax withholdings.
RELATED MORTGAGE TERMS: Gross Income
Net Worth
Worth of an individual that is calculated by summing the value of all owned assets and then subtracting all owed debts from that amount.
Niche Market
See Market Niche
NINA Loan
Formally known as a No Income No Asset loan (NINA loan), this program offers the ability to obtain a mortgage loan without verifying an individual's income or assets. Approval for a NINA mortgage loan typically requires the borrower's employment history without any income documentation.
RELATED MORTGAGE TERMS: Full Documentation|Stated Income|Stips
MORTGAGE LOAN EXAMPLES: NINA Mortgage Loan
No Asset Loan
Mortgage loan that requires no verifcation of assets owned by a borrower.
RELATED MORTGAGE TERMS: No Docs Loan
No Cash Out Refinance
Mortgage loan refinance that does not offer an option to obtain a line of credit that is secured by available equity above the original mortgage loan amount.
RELATED MORTGAGE TERMS: Cash Out Refinance|Equity
No Cost Mortgage
Mortgage loan for a property purchase in which the closing costs are paid by either the lender or seller of the property.
No Docs Loan
Mortgage loan that is approved without any borrower supplied documentation to verify their income or assets. Such mortgage loan approvals are based soley on the borrower's credit history and appraised property value, and usually carry a higher interest rate.
RELATED MORTGAGE TERMS: NINA Loan
No Income Loan
Mortgage loan that requires no documentation for verifying the income of a borrower.
RELATED MORTGAGE TERMS: No Docs Loan
No Income No Asset Loan
See NINA Loan
No Money Down
See 100% Financing
No Ratio Loan
Mortgage loan that is approved without consideration to a lenders maximum acceptable debt to income ratio.
RELATED MORTGAGE TERMS: Debt to Income (DTI)
Non-conforming Mortgage
Mortgage loan that is not purchasable on the secondary market by either Fannie Mae or Freddie Mac. These mortgages do not meet agency standards due to a borrower's unacceptable credit history, a loan amount that is beyond the maximum accepted limit, or another reason that violates federal guidelines.
Non-liquid Asset
Asset that may not be quickly converted into cash.
Non-owner Occupied (NOO)
In terms of a mortgage loan application, it refers to a property that is not occupied as the primary residence by the individual applying for the loan.
RELATED MORTGAGE TERMS: Owner Occupied (OO)
Non-resident Alien
Individual who has not attained citizenship in the United States and also does not declare themselves as a permanent resident.
Notary
In terms of a mortgage loan, it is an individual who is licensed to certify the validity of loan documents and act as an official witness to the document's signing.
Note
In terms of a mortgage loan, it is the legal document that binds the obligation for the loan's repayment to the borrowing individual.
MORTGAGE LOAN EXAMPLES: Note for Mortgage Loan

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