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Mortgage glossary
Whether you are buying a home or refinancing, applying for a mortgage is a big step. Use our mortgage glossary to help you through the process. Our comprehensive glossary of mortgage loan terms is even used by loan officers and real estate professionals. Bookmark our mortgage glossary as a quick mortgage definitions and vocabulary reference. |
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- National bank
When banks organize, they have a choice whether to go under state or national rules. A national bank is one that decides to organize itself under the national rules and become a member of the Federal Reserve System.
- National Credit Union Association
The government agency that charters and oversees federal credit unions.
- National Credit Union Share Insurance Fund
Similar to FDIC insurance, but for credit union deposits.
- National Foundation for Consumer Credit
A nonprofit organization, funded in part by the credit card industry, that offers credit counseling and debt management plans. Parent group for Consumer Credit Counseling Services.
- Negative amortization
With a normal amortized loan, you gradually pay down your principal (the amount you borrowed). A few loans let you pay a smaller amount, which does not cover the entire principal and interest. In those cases, the shortfall is added to the remaining balance, creating negative amortization. It's to be avoided, because you owe more than you did the month before.
- Net income
Income after taxes. A figure required by some lenders during the application process.
- Net worth
The total value of all assets, minus all debts.
- NFCC
A nonprofit organization, funded in part by the credit card industry, that offers credit counseling and debt management plans. Parent group for Consumer Credit Counseling Services.
- Note
In lending, a note is legal acknowledgment of a debt.
- Notice of default
Any official notification that a borrower has failed to pay. In mortgages, it can describe a formal step in the foreclosure process in which the lender notifies the courts of a borrower's failure to pay.
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| National
mortgage rates |
| 11/21/2009 4:52:59 AM
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