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RE/MAX
Valley Real Estate
Phone: (330) 629 - 9200
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- The National Association of REALTORS (NAR)
- members are known as and is North America's largest trade association representing over 1 million members (as reported in 2006), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. NAR also functions as a Self Regulatory Organization for real estate brokerage.
was founded on May 12th, 1908 as the National Association of Real Estate Exchanges, in Chicago, Illinois. In 1916, the name changed to The National Association of Real Estate Boards. The current name was adopted in 1974.
NAR's membership is composed of residential and commercial real estate brokers, real estate salespeople, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry, where a state license to practice is required. Members belong to one or more of some 1,600 local Associations of REALTORS and Boards of REALTORS in the 54 state and territory Associations of Realtors. They are pledged to a and Standards of Practice, which includes duties to clients, the public, and other REALTORS.
- National Foundation for Credit Counseling ((NFCC)
- With over 100 member agencies throughout the country, the NFCC is the national voice for its members.Many NFCC members are known as Consumer Credit Counseling Service ® ("CCCS"). An increasing number of agencies operate under other names, but all members can be identified by the NFCC member seal. This seal represents accredited agencies with high standards, ethical practices, certified counselors, and policies and practices which help consumers achieve financial stability.
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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.
- See ► Real Estate Guide: Mortgages -
- negative equity
- Occurs when the loan-to-value (LTV) of an asset used to secure a mortgage is less than the outstanding balance on the mortgage. Mortgage loans on real estate with negative equity are often said to as being "underwater", and loans (or borrowers) with negative equity are termed to be "upside down".amortization.
- See ► Real Estate Guide: Mortgages -
- 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.
- net worth
- The value of all of a person's assets, including cash, minus all liabilities.
- 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).
- no-cost loan
- Also known as 'no-fee' or 'no points' loan. These loans are advertised as free loans, but in reality the borrower exchanges standard upfront fees for a higher interest rate, usually 1/2 to 5/8 point higher. This may, in fact, be advantageous to the borrower who plans to spend a short amount of time owning the home, but once the initial cost of the loan is recovered, the standard lower rate borrower, will save thousands of dollars in additional interest over the term of the loan.
- See ► Real Estate Guide: Mortgages -
- no-doc loan
- Mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower.
- See ► Real Estate Guide: Mortgages -
- non-conforming loan
- A loan that fails to meet bank criteria for funding usually set by Fannie Mae and Freddie Mac. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unusual nature of the use of funds, or the collateral backing it. A large portion of real-estate loans are qualified as non-conforming because either the borrower's financial status or the property type does not meet bank guidelines.
In many cases, non-conforming loans can be funded by hard money lenders, private institutions, or private investors.
- non-liquid asset
- An asset that cannot easily be converted into cash.
- no ratio loan
- In this type of loan there is no debt-to-income ratio for the lender to consider. The no ratio loan borrower will not disclose their income but will have very good credit and a wealth of assets that gives the lender enough confidence to overlook income information. It is a convenience only for well qualified borrowers for whom gathering documentation would be a logistical quagmire. It would not be considered for most conventional borrowers.
- note
- A legal document that obligates a borrower to repay a mortgage loan at a stated interest rated during a specified period of time (term).
- note rate
- The interest rate stated on a mortgage note.
- notice of default (NOD)
- A formal written notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It demands that if the money owed (plus an additional legal fee) is not paid in a specified time, the lender may choose to foreclose the borrower's property. Any other people whom may be affected by the foreclosure may also receive a copy of the notification.
- See ► Real Estate Guide: Owners -
- Notice of Foreclosure Sale (NTS or NFS) (Judgment)
- A decree signed by a judge, directing a “ Notice of Sale” be published and that a referee (trustee - usually the county sheriff) sell the property at public auction.
- See ► Real Estate Guide: Owners -
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NAR