Nail pops Nails in load-bearing
parts of new homes that pop out slightly
because of settling of the structure.
Needs-based pricing A seller's
asking price that is based on factors such
as the required funds to pay off the
mortgage, the cost of remodeling or the
purchase of another house.
Negative amortization The
situation occurs when a borrower's monthly
payment is not large enough to cover both
the principal and interest of a loan. As a
result, the outstanding balance of the loan
actually grows larger with each payment
rather than smaller. Most fixed-rate loans
are not subject to negative amortization,
but many adjustable-rate mortgages are
susceptible.
Negative-slope driveway A
driveway that drops from street level to the
garage.
Neo-traditional planning Planning
of a community that favors the return of
new-home development with such traditional
features as grid-street patterns, prominent
front porches, backyard garages, multi-use
buildings and housing clustered near
commercial service areas.
Net cash flow Investment
property that generates income after
expenses such as principal, interest, taxes
and insurance are subtracted.
Net worth The worth of a person
or company based on the difference between
total assets and liabilities.
New Urbanism A community design
philosophy that favors the return of
new-home development with such traditional
features as prominent front porches,
backyard garages, multi-use buildings and
housing clustered near commercial service
areas.
Niche A small recessed area in
a wall, traditionally arched at the top.
NIMBY (Not In My Back Yard) The
response sometimes given by neighborhoods
and communities to proposed changes or
development.
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 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 transfer of 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.
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