Realty and Mortgage Terms and Definitions
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Realty and Mortgage Terms and Definitions



Name Search - A fee charged by title companies in some states to cover the cost of searching the public record for court orders against the current owner or proposed purchaser that could affect the title of the property.  For our comparison purposes, the name search fee is considered to be a third party fee.

National Association of Purchasing Management (NAPM) Survey - This prices-paid index gives insight into inflation in the manufacturing sector. A reading above 50% generally indicates that the manufacturing sector is expanding, and below 50% signifies contraction. Frequency: monthly. Source: National Association of Purchasing Management.

National Association of Realtors® - An organization of Realtors®, devoted to encouraging professionalism in real estate activities

National tenant - A lessee with a presence and established reputation in most of the United States. These tenants are typically well-known and usually have better credit than local tenants

Negative Amortization - A gradual increase in mortgage debt that occurs when the periodic monthly payment is not sufficient to cover the monthly principal and interest due. The amount of the deficit is added to the remaining principal 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.

Net Closing Costs - For our comparison purposes, the net closing costs are the total closing costs quoted by a lender, less any credit or rebate that is offered.

Net Worth - The total value of all of a person's or company's assets, minus all liabilities.

New Home Sales - Reports the number of new single-family homes sold, expressed on an annual basis. Can be combined with Existing Home Sales to determine the total volume of home sales, a strong predictor of future national mortgage origination volume. Frequency: monthly. Source: Commerce Department.

No Cash Out Refinance - A refinance loan is an amount that pays off the existing mortgage balance on the property and does not provide the borrower with any cash at closing.

Non-Conforming Loan - A mortgage that exceeds the maximum loan amount for the most common mortgage investors. The cost of obtaining a non-conforming mortgage is generally higher than the cost of obtaining a conforming mortgage. Also known as a jumbo loan.

Non-liquid Assets - Any assets that cannot easily be converted into cash

Notary Fee - A fee for a licensed notary public to certify your signature on the loan documents.

Note - The written agreement signed by the borrower at closing that contains the promise to repay the loan.  The note also contains the terms of the loan, such as interest rate, payment, and term.

Note Rate - The interest rate stated on a mortgage note. Also called nominal rate or face interest rate

Notice of Default - Formal written notice to a borrower that a default on a loan has occurred and that legal action may be taken.

Number of Application Questions - To apply for an on-line mortgage, an applicant is asked to provide personal and financial data about themselves.  In order to help you compare one site to another, we have estimated the number of questions that must be answered to complete an application at each site.

NY Tax & Title Search - A fee charged by New York title companies or attorneys to cover the cost of searching the public record for court orders against the current owner or proposed purchaser that could affect the title of the property.  The tax records are searched as well.  For our comparison purposes, the NY Tax & Title Search fee is considered to be a third party fee.