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Mortgage Terms - N

Negative Amortization
Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results if monthly payments are not high enough to cover the interest due.
Non-conforming Loan
Also known as jumbo loans. Loans that are above the loan limits set by FNMA and FHLMC.
Nonconforming Use
A property which does not conform to the zoning of an area.
A written promise to repay a certain sum of money on specified terms