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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. |
