· 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.
