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Loan Process	Tips and Tricks	Faqs	Glossary

Glossary




		Negative Amortization An increase in principal balance which occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance.

		Net Effective Income The borrowers gross income minus federal income tax

		Non-conforming loan Loans that do not comply with Fannie Mae or Freddie Mac guidelines.

		Note A written instrument that acknowledges a debt and promises to pay.

		Notary Public One authorized to take acknowledgments of certain types of documents, such as deeds, contracts, and mortgages.

		Notice of default A letter sent to the defaulting party as a reminder of the default.