negative amortization
A loan in which the monthly payments are smaller than the monthly interest generated. As the unpaid interest is added to the principal, the amount owed on the loan grows. |
no cash-out refinance
A loan whose proceeds are handed not to the borrower, but directly to the lender of an old loan. |
no-cost loan
A loan in which the lender pays for your closing costs such as settlement fees, title insurance, escrow fees, etc. Such a loan usually has a higher interest rate than a traditional mortgage.
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note
A legal document acknowledging a debt which the borrower must repay at a stated interest rate during a specific period of time. |
note rate
The interest rate on a mortgage note. |
