National Contingency Plan (NCP)The National Oil and Hazardous Substances Pollution Contingency Plan, more commonly called the National Contingency Plan (NCP), is the federal…
National Credit RepositoriesCurrently, there are three companies that maintain national credit - reporting databases.
National Priorities List (NPL)Sites are listed on the National Priorities List (NPL) upon completion of Hazard Ranking System (HRS) screening, public solicitation of comments about the…
Natural Resources Damage (NRD)Natural Resources Damages (NRD) are defined as injury to, destruction of, or loss of natural resources, including land, fish, wildlife, biota, air, water…
Negative amortizationWhen your loan principal increases rather than decreases because your monthly payment isn't enough to cover the loan interest, that's called negative…
Negative Equitythe condition of owing more on the property than the property is worth.
Net IncomeYour take-home pay, the amount of money that you receive in your paycheck after taxes and deductions.
Net Monthly IncomeYour take-home pay after taxes. It is the amount of money that you actually receive in your paycheck.
Net WorthA corporation's net worth is the retained earnings, or the amount left after dividends are paid, plus the money in its capital accounts, minus all of its…
NewelThe main post at the foot of a stairway or stoop.
No Cash Out RefinanceA refinance of an existing loan only for the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home.
No Cost LoanThere are many variations of a no cost loan. Generally, it is a loan that does not charge for items such as title insurance, escrow fees, settlement fees…
No Further Remedial Action Planned (NFRAP)The Archive, or No Further Remedial Action Planned (NFRAP), database contains information on sites which have been removed from the inventory of Superfund…
non-assumption clauseIn a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
Non-Conforming loanA loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines.
Non-significant featuresThe interior architectural features of the designated interior that the LPC has determined do not contribute to the special historic, cultural, and/or…
Nondepository InstitutionFor-profit mortgage lending institutions (other than banks, savings associations, and credit unions). These institutions do not take deposits.
Nonliquid AssetAn asset that cannot easily be converted into cash.
Nonperforming AssetAn asset such as a mortgage that is not currently accruing interest or which interest is not being paid.
NonresidentialProperty designed for use by retail, wholesale, office, hotel, service, or other commercial use.
Notary PublicA person who serves as a public official and certifies the authenticity of required signatures on a document by signing and stamping the document.
NoteA note is a debt security that promises to pay interest during the term that the issuer has use of the money, and to repay the principal on or before the…
Note RateThe interest rate stated on a mortgage note, or other loan agreement.
Notice of ComplianceA letter or notice from LPC that certifies that completed work complies with a permit
Notice of DefaultA formal written notice to a borrower that there is a default on a loan and that legal action is possible.
Notice of ViolationA notice from the Landmarks Preservation Commission that work on a landmark site or within an historic district was performed without a permit or was not…
Notional Principal AmountThe proposed amount which interest rate swap payments are based but generally not paid or received by either party.