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negative amortization
A situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.
non-assumption clause
In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
non-conforming loan
A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming. See also: conforming loan
note
A signed document that acknowledges a debt and shows the borrower is obligated to pay it.
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