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Bettina Rizzo Tel: 203-223-6351 Max Dominguez Tel: 203-223-3684 296 Bedford St Stamford, CT 06901 Century 21 Roman Realty Tango Team Cell: 203-223-3684/203-2236351 Fax: 1-866-873-4637

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The Loan Process Tips and Tricks FAQs Glossary

Glossary

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Negative Amortization
An increase in principal balance which occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance.
Net Effective Income
The borrowers gross income minus federal income tax
Non-conforming loan
Loans that do not comply with Fannie Mae or Freddie Mac guidelines.
Note
A written instrument that acknowledges a debt and promises to pay.
Notary Public
One authorized to take acknowledgments of certain types of documents, such as deeds, contracts, and mortgages.
Notice of default
A letter sent to the defaulting party as a reminder of the default.