Featured Listings:

 

WashMetroHomes Real Estate Listings

GLOSSARY OF TERMS

Buying and selling a home can be confusing. Many of the terms used during the transaction may be new or unfamiliar to you. In light of this, WashMetroHomes.com is providing you with this brief glossary of these terms. Each real estate transaction is unique and the terms are all different. If you are unclear about any specific area or meaning in a real estate contract, see the help of a real estate professional such as a Realtor, Mortgage Specialist, or a competent and qualified attorney.

Click on the letter which corresponds to the term you are seeking to go to the page.

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

N

negative amortization
A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization.

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 worth
The value of all of a person's assets, including cash, minus all liabilities.

no cash-out refinance
A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them) and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).

nonliquid asset
An asset that cannot easily be converted into cash.

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.

notice of default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.

 

Featured Listings:

 


Copyright 2006 - 2010 WashMetroHomes.com Real Estate. All Rights Reserved.
Jennifer V-E Johnson, Reston Expert and Licensed VA Real Estate Broker, Reston, VA - Fairfax County
Firm License #0226 021519 and Individual License #0225 083246
Use of this website and information available from it is subject to our Legal Notice and Disclaimer
Equal Housing Opportunity  Why Use A Realtor