9/10/2010 Agent Login

Glossary A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z 9 glossary terms found   1 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. 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. 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. 1   Title Agents & Attorneys Home Buyers & Sellers Lenders, Builders, Real Estate Agents & Commercial Home | About Us | Services | Locations | Contact Us | Resources | FAQs | Forms | Newsletter | Become an Agent Become an Approved Attorney | Site Map | Helpful Information | Corporate Governance | Employee Login | Privacy Policy