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Negative AmortizationA situation in which a borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.
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. Jumbo loans are nonconforming.
NoteSee also: Conforming Loan
Last Modified: 12/11/2020 3:47 PM