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| Mortgage Glossary |
This glossary is an extensive listing of real estate and mortgage terms that you can use as needed when doing business with Lexington Lending. To get started, click on the appropriate letter above for a listing of all the terms that begin with that letter. Then, locate the word you are looking for.
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Negative Amortization
A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortization.
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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.
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Net Worth
The value of all of a person's assets, including cash, minus all liabilities.
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No Cash-Out Refinance
A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).
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Non-liquid Asset
An asset that cannot easily be converted into cash.
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Note
A written agreement containing a promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand.
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Note Rate
The interest rate stated on a mortgage note.
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Notice of Default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
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