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REAL ESTATE GLOSSARY
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NATIONAL ASSOCIATION OF MASTER APPRAISERS (NAMA)
A non profit professional association organized in 1982, dedicated to the advancement of professionalism in real estate appraisal.
NATIONAL SOCIETY OF REAL ESTATE APPRAISERS
An organization founded in 1956 which promotes standards of professionalism in its members.
NATURAL VACANCY RATE
The percentage of vacant properties in a given area that is the result of natural turnover and market forces.
NEGATIVE AMORTIZATION
An increase in principal balance which occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance.
NEIGHBORHOOD LIFE-CYCLE
The evolution of neighborhood use and demographics over time. Economic fluctuations, municipal zoning changes and population shifts can effect the life cycle.
NEIGHBORHOOD
A subsection of a municipality that has been designated by a developer, economic forces or physical formations.
NET CASH FLOW
The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments.
NET EFFECTIVE INCOME
The borrower's gross income minus federal income tax.
NET LEASABLE AREA
The space in a development, outside of the common areas, that can be rented to tenants.
NET WORTH
The value of all of a person's assets, including cash, minus all liabilities.
NEW ENGLAND COLONIAL
An architectural style dating from early American history typified by a two-story building with clapboard siding.
NO CASH-OUT REFINANCE
A refinance transaction that is not intended to put cash in the hand of the borrower, but instead calculates a new balance to cover the balance due on a current loan and any costs with obtaining a new mortgage.
NO-COST LOAN
Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.
NO-POINT LOAN
A loan with no "points". The interest rate on such a loan will be higher than a loan with points paid. Also sometimes refers to a refinance loan where closing costs are included in the loan.
NON-ASSUMPTION CLAUSE
A statement in a mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender.
NON-CONFORMING LOAN
Loans that do not comply with Fannie Mae or Freddie Mac guidelines.
NON-CONFORMING USE
The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use.
NONLIQUID ASSET
Any asset which can not be quickly converted into cash at little or no cost.
NOTE
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
NOTE RATE
The interest rate stated on a mortgage note.
NOTARY PUBLIC
One authorized to take acknowledgments of certain types of documents, such as deeds, contracts, and mortgages.
NOTICE OF DEFAULT
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
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