Category: N

NO CASH-OUT LOAN RETOTD Episode 00230

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NO CASH-OUT LOAN A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining…

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NON-RECOURSE RETOTD Episode 00131

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NON-RECOURSE Having no personal liability. In the case of having a loan that is nonrecourse, the lender must rely solely on the property pledged as collateral for payment in the event of default by the borrower; other assets of the…

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NET LEASE RETOTD Episode 00094

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NET LEASE A lease in which the tenant pays, in addition to rent, all operating expenses such as real estate taxes, insurance premiums, and maintenance costs. Also see gross lease. Also triple net.

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NEGATIVE AMORTIZATION RETOTD Episode 00093

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NEGATIVE AMORTIZATION When the balance of a loan increases instead of decreases. Usually due to a borrower making a minimum payment on an Adjustable Rate Mortgage during a period when the rate fluctuates to a high enough point that the…

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