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Negative Amortization
Occurs when your monthly payments are not large enough to pay
all the interest due on the loan. This unpaid interest is added
to the unpaid balance of the loan. The danger of negative
amortization is that the home buyer ends up owing more than the
original amount of the loan.
Net Effective Income
The borrower's gross income minus federal income tax.
Non Assumption Clause
A statement in a mortgage contract forbidding the assumption
of the mortgage without the prior approval of the lender. Note:
The signed obligation to pay a debt, as a mortgage note.
Note
A legal document that obligates a borrower to repay a
mortgage loan at a stated interest rate during a specified period
of time.
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