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- 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.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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Michigan Real Estate Today™
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