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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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National Debt : Money (or credit) owed by any level of government; either central government, federal government, municipal government or local government.

Negative Amortization : When a loan payment schedule does not meet up the full amount of interest due the principal amount increases. This is called negative amortization. The monthly amount which is less is added to the principal amount of the loan.

Net Debt : An accounting term which means, debt plus short term loans less cash on hand.

Net Effective Income : Gross income less federal income tax.

No Cash-Out Refinance : A refinance transaction that is not intended to put cash in the hand of the borrower, but instead calculates a new balance to cover the balance due on a current loan and any costs with obtaining a new mortgage.

No Credit : This refers to people with a clean credit report who did not owe any credit balance in the past. The individual must have paid off the credit with the help of a loan or credit cards.

No Hassles : A dialogue or a sales pitch that assures consumers that the individual will be rendered the best quality service.

No-Cost Loan : A loan that has no "lender costs" associated with it, or a loan that also covers purchases or refinancing costs, which may be incurred in buying a home, obtaining and/or refinancing a loan, but are not directly charged by the lender.

Nondischargeable Debt : A debt that cannot be discharged by filing for bankruptcy. It must be repayed in full.

Nonrecourse Debt : A secured loan that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender/issuer can seize the collateral, but the lender's recovery is limited to the collateral. If the property is insufficient to cover the outstanding loan balance, the lender is simply out the difference.

Note : A legal document that obligates a borrower to repay a loan or mortgage at a stated interest rate during a specified period of time.

Note Rate : The stated interest rate on a loan or mortgage note.

Notice of Default : This is a written documentation send to a borrower or a debtor if there is any failure in payment on his part or if he has gone against any company policy. Through this notice the borrower is intimidated that a legal action may be taken against him.


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N  |  O  |  P  |  Q  |  R  |  S  |  T  |  U  |  V  |  W  |  Z

Index of Terms | Complete List of Terms


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