Glossary of Terms: N

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Negative Amortization:
The unpaid interest that is added to the unpaid balance. This occurs when the mortgage payments do not cover the full interest of the loan. The borrower will owe more than the original amount of the loan.

Non-conforming Loan:
A conventional loan that exceeds Fannie Mae’s and Freddie Mac’s limits, due to various reasons, including loan amount, loan characteristics or underwriting guidelines.

Note:
A legal document signed by a borrower that is an acknowledgment of the debt and an implicit promise to pay over a specific period of time for a specific sum.

 

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