The Glossary Mortgage Terminology
Del Financial's Glossary consists of the more commonly used definitions, meanings, and descriptions used within the mortgage and real estate industry. As always, if you have any questions, please call us at (800) 469-5861.
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- Negative Amortization
- Negative amortization occurs when the monthly payments do not cover all of the interest due. The interest 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.
- Net Income
- Your take-home pay, the amount of money that you receive in your paycheck after taxes and deductions.
- No Cost Loan
- There are many variations of a no cost loan. Generally, it is a loan where all of the fees and expenses of obtaining financing are covered by the rebate provided by the lender.
- Note
- a legal document obligating a borrower to repay a mortgage loan at a stated interest rate over a specified period of time.
- Note Rate
- the interest rate stated on a mortgage note.
- Notice of Default
- a formal written notice to a borrower that there is a default on a loan and that legal action is possible.
- Notary Public
- a person who serves as a public official and certifies the authenticity of required signatures on a document by signing and stamping the document.
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