Glossary - N

Negative Amortization
An actual increase in the principal amount of real estate loan because of the addition of matured but unpaid interest to the loan balance. Usually the result of monthly payments which are temporarily set at a lower than needed level.

 

Notary
Also called “Notary Public.” An official authorized by law to attest and certify certain documents by his/her hand and official seal.

 

Note
The instrument evidencing the indebtedness secured by a security instrument such as a mortgage or deed of trust.

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