Arizona Real Estate
Mortgage Professional

Fidel Manzano 10000 N 31st Ste. A103 Phoenix, AZ 85051 Profusion Real Estate Off.: 602.499.3143 Off.2: 602.795.8538 Cell: 602.499.3143 Fax: 602.795.8539

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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.