Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.
Our mortgage glossary will help you to speak to mortgage professionals with confidence.
There are 4 names in this directory beginning with the letter N.
A 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.
In a mortgage contract, a statement that prohibits a new buyer from assuming a mortgage loan without the approval of the lender.
A loan that does not conform to Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines. Jumbo loans are nonconforming. See also
A signed document that acknowledges a debt and shows the borrower is obligated to pay it.