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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
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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
MORTGAGE LOAN COLLECTION
MORTGAGE LOAN TERMS | 0-9
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