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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
N
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National
Association of Realtors (NAR) |
A real estate trade
organization that sets the standards for integrity and honesty
within the real estate profession nationwide |
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Negative
amortization |
A gradual increase
in the balance of a loan or mortgage which occurs because the
monthly payments made are too small to cover the entire
principal and interest charges; this shortfall amount is added
to the remaining balance, resulting in negative
amortization |
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Net
listing |
The advertisement of
the price of property for sale in terms of the net price the
seller will receive, once the property is sold, a type of
listing which is illegal in many states |
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Net
worth |
The total value of
all of an individual's assets, minus all liabilities or
debts |
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No cash-out
refinance |
A transaction for
refinancing a mortgage in which the new mortgage amount is
limited to the sum total of the remaining balance of the first
mortgage, points, closing costs, whatever is required to
satisfy any liens that are more than one year old and other
funds for the borrower's use (as long as the amount is one
percent or less of the principal amount of the new
mortgage) |
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Notary |
An individual
authorized by law to certify documents and
signatures |
|
Note |
A legal document
that obligates a borrower to repay a loan or owed sum of money
at a stated interest rate over a designated period of
time |
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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