Mortgage terms starting with N

3 terms

1. Negative amortization When your loan principal increases rather than decreases because your monthly payment isn't enough to cover the loan interest, that's called negative…
2. Negative Equity the condition of owing more on the property than the property is worth.
3. Nondepository Institution For-profit mortgage lending institutions (other than banks, savings associations, and credit unions). These institutions do not take deposits.