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LOAN TYPES

For a full list and description of available loan types click below.
Available Loan Types
PROPERTY TYPES

For a full list and description of eligible property types click below.
Eligible Property Types
 
 

GLOSSARY
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Negative Amortization
Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.
Net Leasable Area
In a building, the floor space that may be rented to tenants or the area upon which rental payments are based. Generally excludes common areas and space devoted to the heating, cooling, and other equipment of a building.
Net Lease
A lease whereby, in addition to the rent, it is stipulated that the lessee (tenant) pays such expenses as taxes, insurance, and maintenance. The landlord's rent receipt is thereby "net" of those expenses.
Net Operating Income (NOI)
Incomes from property after all operating expenses and reserves have been deducted, except for income taxes and financing expenses (interest and principal payments).
No Cash-Out Refinance
A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."
No-Cost Loan
Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.
Non-recourse Loan
A loan with no personal liability of the Borrower. Upon default, a Lender may take the property pledged as collateral to satisfy a debt, but have no recourse to other assets of the borrower.
Nonconforming Use
A use that violates zoning regulations or codes but is allowed to continue because it began before the zoning restriction was enacted.
Note
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
Note Rate
The interest rate stated on a mortgage note.
Notice Of Default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
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