A loan application that does not require verification of income but typically is granted in cases of large down payments. …
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No-Documentation Loan
Non-Conforming Loan
A non-conforming loan is any loan that doesn't meet the qualifications or is too large to be purchased by Fannie Mae or Freddie Mac. The current conforming loan limit is $252,700. …
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Non-Liquid Asset
An asset such as a house that is not easily turned into cash. …
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Non-solicitation Order
An order issued by the secretary of state to brokers and agents, prohibiting them from soliciting listings in a designated area. …
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Nonassumption Clause
A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval. …
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Nonrecurring Closing Costs
One-time-only fees for items including an appraisal, loan points, credit report, title insurance, and home inspection. …
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Nosing
The front edge of a stair tread that extends over the riser. …
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Not In My Back Yard (NIMBY)
A response sometimes given by neighborhoods and communities to proposed changes or development. …
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Note
A legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time. …
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Note Rate
The interest rate specified in a mortgage note. …
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