| NIMBY (Not In My Back Yard) |
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| The response sometimes given by neighborhoods and communities to proposed changes or development. |
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| Nail pops |
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| Nails in load-bearing parts of new homes that pop out slightly because of settling of the structure. |
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| Needs-based pricing |
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| A seller's asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house. |
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| Negative amortization |
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| The situation occurs when a borrower's monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate lo |
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| Negative-slope driveway |
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| A driveway that drops from street level to the garage. |
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| Neo-traditional planning |
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| Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas. |
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| Net cash flow |
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| Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted. |
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| Net worth |
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| The worth of a person or company based on the difference between total assets and liabilities. |
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| New Urbanism |
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| A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas. |
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| Niche |
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| A small recessed area in a wall, traditionally arched at the top. |
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| No cash-out refinance |
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| The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan. |
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| No-competition lots |
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| A lot in which the buyer's home will be constructed by a particular builder. |
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| No-documentation loan |
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| A loan application that does not require verification of income but typically is granted in cases of large down payments. |
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| Non-assumption clause |
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| A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval. |
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| Non-liquid asset |
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| An asset such as a house that is not easily turned into cash. |
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| Non-recurring closing costs |
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| Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection. |
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| Note |
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| The legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time. |
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| Note rate |
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| The interest rate specified in a mortgage note. |
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| Notice of default |
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| A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed. |
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