Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 4 names in this directory beginning with the letter N.
Negative Amortization
Occurs when a mortgage payment is not large enough to pay all the interest due on the loan. The unpaid interest is added to the unpaid balance of the loan hence putting the borrower in danger of owing more than the original amount of the loan.

No Closing Cost Refinance
A refinance transaction in which the bank or broker pays all settlement costs.

Non-prime Mortgage
See 'Sub-prime mortgage.'

A document which stands as a promise to repay the mortgage plus interest. The note includes the name of the borrower, issuing lender and the terms and provisions.