Casablanca Realty -  






Property Search
My Dream Home


Free Property Analysis
MyHome Extranet


Meet our Agents!
Area Information
  - Public Schools
  - Private Schools
  - Local Weather
  - Local Links
Newsletter
  - Subscribe
  - Unsubscribe
Free Reports
Featured Articles
FAQ's
Glossary of Terms
Mortgage Calculator




Tell a Friend
Create Bookmark
Contact Me

 

414730 page hits since
March 30, 2007

 
1575 Sarno Rd., Melbourne, FL 32935 Phone: (321) 254-1943

 Glossary of Terms

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



  • 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.