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NAHI (National Association
of Home Inspectors)
A professional association of independent
home inspectors whose members must meet the group's
education and performance requirements. Call (800)
448-3942 for list of NAHI-certified inspectors in
your area. |
nail pops
Nails in load-bearing parts of new homes that
pop out slightly due to settling of the structure. |
NAR (National Association
of Realtors)
A trade organization for real estate
agents and brokers who become members by agreeing
to abide by the organization's code of ethics. Members
may call themselves Realtors. |
NAR Code of Ethics
A formal code of ethics and standards
of practice established by the National Association
of Realtors (NAR) and by which its members must abide. |
National Association of Exclusive
Buyer Agents
National trade organization of
buyer's brokers whose members do not accept property
listings. Call (800) 986-2322 for information and
referrals. |
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National Association of Home
Inspectors (NAHI)
A professional association of independent
home inspectors whose members must meet the group's
education and performance requirements. Call (800)
448-3942 for list of NAHI-certified inspectors in
your area. |
National Association of Realtors
(NAR)
A trade organization for real estate
agents and brokers who become members by agreeing
to abide by the organization's code of ethics. Members
may call themselves Realtors. |
National Council of State
Housing Agencies
Nonprofit clearinghouse of information
on local and state housing agencies. Consumers may
call for names of agencies in their area. Phone: (202)
624-7710. |
National Foundation for Consumer
Credit
Nonprofit clearinghouse of information
on nonprofit credit counseling centers nationwide.
Consumers may call for names of centers in their area.
Phone: (301) 589-5600. |
needs-based pricing
An asking price based on factors
such as the funds required to pay off the seller's
mortgage, the cost of remodeling, or the purchase
of another house. |
negative amortization
Occurs when a borrower's monthly
payment is too small to cover both the principal and
interest of a loan, so the outstanding balance of
the loan actually grows larger with each payment.
Many adjustable rate mortgages are susceptible to
this. |
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negative-slope driveway
A driveway that drops from street
level to the garage. |
neo-traditional planning
Planning of a community that favors
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
Income from an investment property after expenses
such as principal, interest, taxes, and insurance
are subtracted. |
net listing
A listing agreement in which the broker's commission
consists of the amount above a net price set by the
owner. If the net price is not met, a commission is
not earned. |
net worth
The worth of a person or company based on the
difference between total assets and liabilities. |
neutral bus bar
Grounded metal bar inside an electrical service
panel or subpanel to which all neutral and grounding
wires are connected. |
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neutral wire
A grounded conductor that carries electrical current
back to the source from an electrical device. Neutral
wires usually (but don't always) have white or gray
insulation. |
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. |
no-cash-out refinance
The amount of the new mortgage
covers the remaining balance of the first loan plus
closing costs and any liens, and yields no more than
1 percent of the new loan's principal in cash. |
no-competition lots
A lot in which the buyer's home
will be constructed by a preselected builder. |
no-documentation loan
A loan application that does not
require verification of income but typically is granted
in cases of large down payments. |
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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. |
non-liquid asset
An asset such as a house that is not easily turned
into cash. |
non-solicitation order
An order issued by the secretary
of state to brokers and agents, prohibiting them from
soliciting listings in a designated area. |
nonassumption clause
A loan provision that prohibits
the transfer of a mortgage to another borrower without
lender approval. |
nonrecurring closing costs
One-time-only fees for items including
an appraisal, loan points, credit report, title insurance,
and home inspection. |
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. |
note
A 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. |
novation
A release of liability to the first borrower of
a loan, and the substitution of a subsequent borrower
with the lender's approval. |
