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Glossary of Terms - N

National Association of REALTORS®:

The National Association of REALTORS® is a non-profit trade association that is comprised of licensed real estate professionals and related professionals in the real estate industry.  Only members of this association can advertise themselves as REALTORS®.

Negative Amortization:

An increase in the balance of a loan caused by adding unpaid interest to the loan balance; this occurs when the payment does not cover the interest due.

Net Monthly Income:

Your take-home pay after taxes. It is the amount of money that you actually receive in your paycheck.

Net Worth:

The value of a company or individual’s assets, including cash, less total liabilities.

Non-Liquid Asset:

An asset that cannot easily be converted into cash.

Notary Public:

One who is authorized by the state or federal government to administer oaths and to attest to the authenticity of signatures.

Note:

A written promise to pay a specified amount under the agreed upon conditions.

Note Rate:

The interest rate stated on a mortgage note, or other loan agreement.