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Loanfactz DefinitionsGlossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
N/A Not applicable (not applied). If you finance your vehicle with the car dealership, insert N/A or put a cross through any blanks not applied to you. If information is inserted by someone else after you have signed the contract, you may still be bound to the terms of the contract. Never sign a blank document or a document containing blanks. Negative Amortization Amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn't covered is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments not high enough to cover the interest due. Net Monthly Income Net monthly income is your take home pay after taxes. It is the amount of money that you actually receive in your paycheck.
Net Worth The market value of everything you own, minus what you owe. Nonresidential Property designed for use by retail, wholesale, office, hotel, service, or other commercial use. Note A legally binding contract you sign when you get a loan. This legal contract lists the conditions under which you are borrowing and the terms under which you agree to pay back the loan, for example, you borrow a specified sum of money at a specified interest rate to be paid over a fixed period of time. Also called a mortgage note or a promissory note. |
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