Nail pops : Nails in load-bearing parts of new homes that pop out slightly because of settling of the structure.
Needs-based pricing : A seller's asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house.
Negative amortization : The situation occurs when a borrower's monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate lo
Negative-slope driveway : A driveway that drops from street level to the garage.
Neo-traditional planning : Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.
Net cash flow : Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted.
Net worth : The worth of a person or company based on the difference between total assets and liabilities.
New Urbanism : A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.
Niche : A small recessed area in a wall, traditionally arched at the top.
NIMBY (Not In My Back Yard) : The response sometimes given by neighborhoods and communities to proposed changes or development.
No cash-out refinance : The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan.
No-competition lots : A lot in which the buyer's home will be constructed by a particular builder.
No-documentation loan : A loan application that does not require verification of income but typically is granted in cases of large down payments.
Non-assumption clause : A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.
Non-liquid asset : An asset such as a house that is not easily turned into cash.
Non-recurring closing costs : Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection.
Note : The legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time.
Note rate : The interest rate specified in a mortgage note.
Notice of default : A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.
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