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Loan Terms and Definitions (N)

National Association of Realtors (NAR): An association of real estate professionals dedicated to promoting higher moral and ethical standards to it's members through education and legislation.

Natural Resources: That which is pertinent to the land, such as water, trees, oil, natural gas, and other minerals.

Negative Amortization: Negative Amortization occurs when a monthly mortgage payment is less than what is needed to cover the interest charged on the loan thereby increasing the actual loan amount. May produce a balloon payment at the end of the loan period.

Negative Cash Flow: When the income from an investment property is not equal to or more than the monthly expenses and the owner of the property has to pay the balance from other sources of funds, there is a negative cash flow.

Net Income: Net income is the difference between gross income and all operating expenses.

Net Worth: The difference between an individual's, or a companies, total assets minus liabilities.

Non-Conforming Loan: A loan that goes over the the required limits set by Fannie Mae or Freddie Mac. Sometimes called a Jumbo Loan, the nonconforming loan is usually financed by private investors who usually charge a higher interest rate.

Non-Conforming Use: A property that does not meet the zoning standards of the area in which it is located.

Notary Public: An individual who is authorized by state or federal governmental agencies to attest to the authenticity of signatures and to administer oaths.

Note: In real estate terms, a note is a written instrument that is an agreement that contains an express promise by the signer to pay a debt and is secured by a mortgage or a deed of trust.

Notice Of Default: A document sent to a borrower stating that the borrower has failed to live up to his obligations to pay the mortgage or deed of trust and is behind on the payments.

Null and Void: Being not valid or legally binding.

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