Net Closing Costs - The net closing costs are the total closing
costs quoted by a lender, less any credit or rebate that is offered.
Net Worth - The total value of all of a person's or company's assets, minus all liabilities.
Non-conforming Loan - A mortgage that exceeds the maximum loan amount for
the most common mortgage investors. The cost of obtaining a non-conforming
mortgage is generally higher than the cost of obtaining a conforming mortgage.
Also known as a jumbo loan.
Notary Fee - A fee for a licensed notary public to certify your signature on
the loan documents.
Note - The written agreement signed by the borrower at closing that
contains the promise to repay the loan. The note also contains the terms of the loan,
such as interest rate, payment, and term.
Notice of Default - Formal written notice to a borrower that a default on a
loan has occurred and that legal action may be taken.