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Las Vegas Real Estate |
Las
Vegas Real Estate Glossary
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.
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 One way to think of the mortgage
note is that it’s a legal "IOU." Often called the promissory
note, it represents your promise to pay the lender according to the agreed
upon terms of the loan, including when and where to send your payment.
The note lists any penalties that will be assessed if you don’t
make your monthly mortgage payments. It also warns you that the lender
can "call" the loan - demand repayment of the entire loan before the end
of the term - if you violate the terms of your mortgage.
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.
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