Denver Real Estate Glossary

Back to Alphabetical Listing

N

Negative Amortization - An increase in the outstanding balance of a mortgage that occurs when the monthly payment is not large enough to cover the interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization.

Net Cash Flow - The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments.

No Closing Cost Loan - A loan in which the fees the borrower(s) are not required to pay cash out-of-pocket at closing for the normal closing costs. The lender typically includes the closing costs in the principal balance or charges a higher interest rate than for a loan with closing costs to cover the advance of closing costs.

Net Worth - The value of all of a person's assets, including cash, minus all liabilities.

Non-Conforming Loan - See jumbo loan.

Non-Liquid Asset - An asset that cannot easily be converted into cash.

"No Out Of Pocket Cost" Loan - A loan in which the fees the borrower(s) are not required to pay cash out-of-pocket at closing for the normal closing costs. The lender typically includes the closing costs in the principal balance or charges a higher interest rate than for a loan with closing costs to cover the advance of closing costs.

Notary - An official authorized by law to attest and certify certain documents by his or her hand and official seal.

Note - A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during 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 a default has occurred and that legal action may be taken.

 

Back to Alphabetical Listing

If you have any question about real estate terms or language please contact us for clarification.

Emery Federal - 720.583.5655

Ask Any Of My Clients

"I called Emery Federal just to find out if the rate quoted by my bank was fair. It turns out that Emery Federal offered a much lower rate/fees. My mortgage loan closed on time and I saved over $5,000 with a lower interest rate. Emery Federal was right there every step of the way."
-- Rob P., Denver, CO

Today's Rates

3.500

30 Year Fixed (3.624 APR)*

3.125

15 year Fixed (3.456 APR)*

2.250

5 year ARM (2.988 APR)*
Colorado Mountain and Resort property