188 Hwy 50
Zephyr Cove, NV 89448
(Not In My Back Yard) The response sometimes given by
neighborhoods and communities to proposed changes or development.
Nail pops Nails in load-bearing parts
of new homes that pop out slightly because of settling
of the structure.
Needs-based pricing A seller's asking
price that is based on factors such as the required funds
to pay off the mortgage, the cost of remodeling or the
purchase of another house.
Negative amortization The situation occurs
when a borrower's monthly payment is not large enough
to cover both the principal and interest of a loan. As
a result, the outstanding balance of the loan actually
grows larger with each payment rather than smaller. Most
fixed-rate loans are not subject to negative amortization,
but many adjustable-rate mortgages are susceptible.
Negative-slope driveway A driveway that
drops from street level to the garage.
Net cash flow Investment property that
generates income after expenses such as principal, interest,
taxes and insurance are subtracted.
Net worth The worth of a person or company
based on the difference between total assets and liabilities.
New Urbanism A community design philosophy
that favors the return of new-home development with such
traditional features as prominent front porches, backyard
garages, multi-use buildings and housing clustered near
commercial service areas.
Niche A small recessed area in a wall,
traditionally arched at the top.
No cash-out refinance The amount of the
new mortgage covers the remaining balance of the first
loan, closing costs, any liens and cash no more than 1
percent of the principal on the new loan.
No-competition lots A lot in which the
buyer's home will be constructed by a particular builder.
No-documentation loan A loan application
that does not require verification of income but typically
is granted in cases of large down payments.
Non-assumption clause A loan provision that prohibits
the transfer of a mortgage to another borrower without
Non-liquid asset An asset such as a house
that is not easily turned into cash.
Non-recurring closing costs Costs that
are one-time only fees for such items as an appraisal,
loan points, credit report, title insurance and a home
Note The legal document that requires
a borrower to repay a mortgage at a certain interest rate
over a specified period of time.
Note rate The interest rate specified
in a mortgage note.
Notice of default A lender's initial
action when a mortgage payment is late and attempts to
reconcile the issue out of court have failed.