Glossary in Letter N

NAHI (National Association of Home Inspectors)
The National Association of Certified Home Inspectors is the largest inspection association in North America. Formed in 1990, it is both a non-profit organization as well as tax exempt. Call (800) 448-3942 for list of NAHI-certified inspectors in your area.
NAR (National Association of Realtors)
The National Association of Realtors (NAR), whose members are known as is North America's largest trade association, representing over 1 million members (as reported in 2006), including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
NAR Code of Ethics
A formal code of ethics and standards of practice established by the National Association of Realtors (NAR) and by which its members must abide.
National Association of Exclusive Buyer Agents
National trade organization of buyers brokers whose members do not accept property listings. Call (800) 986-2322 for information and referrals.
National Council of State Housing Agencies
Nonprofit clearinghouse of information on local and state housing agencies. Phone: (202) 624-7710.
National Foundation for Consumer Credit
Nonprofit clearinghouse of information on nonprofit credit counseling centers nationwide. Phone: (301) 589-5600.
Needs-based pricing
An asking price based on factors such as the funds required to pay off the sellers mortgage, the cost of remodeling, or the purchase of another house.
Neo-traditional planning
Planning of a community that favors 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.
Net cash flow
Income from an investment property after expenses such as principal, interest, taxes, and insurance are subtracted.
Net listing
A listing agreement in which the brokers commission consists of the amount above a net price set by the owner. If the net price is not met, a commission is not earned.
Net worth
The worth of a person or company based on the difference between total assets and liabilities.
New urbanism
New urbanism is an urban design movement whose popularity increased from the beginning of the 1980s onwards. The goal of new urbanists is to reform all aspects of real estate development and urban planning. These include everything from urban retrofits, to suburban infill. The movement is particularly associated with the USA, with its "rediscovery" of urban patterns, which have had greater continuity in Europe.
No-cash-out refinance
The amount of the new mortgage covers the remaining balance of the first loan plus closing costs and any liens, and yields no more than 1 percent of the new loans principal in cash.
No-competition lots
A lot in which the buyers home will be constructed by a pre-selected builder.
No-documentation loan
A loan application that does not require verification of income but is granted in cases of large down payments.
Non-conforming loan
A non-conforming loan is any loan that doesn’t meet the qualifications or is too large to be purchased by Fannie Mae or Freddie Mac.
Note
A legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time.
Note rate
The interest rate specified in a mortgage note.
Notice of default
The initial action a lender makes when a mortgage payment is late and attempts to reconcile the issue out of court has failed.
Novation
A term used in contract law and business law to describe the act of either replacing an obligation to perform with a new obligation, or replacing a party to an agreement with a new party.