The governing body of Realtors

Negative Amortization

The situation that occurs when the borrower


Using communication, this is the process by which two parties come to a mutual agreement in a business transaction.

Non-conforming loan

A loan that doesn

Nondisclosure State

Texas is a nondisclosure state; information regarding the sale price of properties is considered private information and is therefore not reported to the public. Information such as property details and mortgage transfer taxes are available. Some of these states instead estimate property value based on mortgage loan information

Nonrecurring closing costs

Fees that are paid only once at the closing of a property; these fees cover appraisal, loan points, credit reports, title insurance, and home inspections.

Notary Public

A person who has received training and is a public officer authorized to certify specific documents as well as take testimonies and perform other civil functions.


A legal document that represents the borrower