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Banking Terms



Negative Amortization

A gradual increase in mortgage debt that occurs when the periodic monthly payment is not sufficient to cover the monthly principal and interest due. The amount of the deficit is added to the remaining principal balance to create negative amortization.

Net Cash Flow

The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance.

Net Closing Costs

For our comparison purposes, the net closing costs are the total closing costs quoted by a lender, less any credit or rebate that is offered.

Net Worth

The total value of all of a person's or company's assets, minus all liabilities.

Night Depository

An after bank hours depository service for customers. Deposits are inserted into a large receptacle on the outside of the building and dropped into a vault inside the building. The contents of the receptacle are retrieved under dual control.

No Cash Out Refinance

A refinance loan is an amount that pays off the existing mortgage balance on the property and does not provide the borrower with any cash at closing.


The written agreement signed by the borrower at closing that contains the promise to repay the loan. The note also contains the terms of the loan, such as interest rate, payment, and term.

Note Rate

The interest rate stated on a mortgage note. Also called nominal rate or face interest rate.

NOW Account (Negotiable Order of Withdrawal)

An interest-earning transaction account on which check-like (negotiable orders of withdrawal) instruments may be used for withdrawal.


(noun) NSF is an abbreviation for “non sufficient funds.” Banks charge customers an NSF fee when the customer uses more money than they have in their account with the bank.


Occupancy Rate

Percentage of currently rented units in a building, neighborhood, complex, or city.


A buyer's expression of willingness to purchase a property at the seller's specified price.

Original Principal Balance

Total amount of principal owed on a loan before any payments are made.

Outstanding Check

An issued check that has not yet been presented for payment to, or paid by, a drawee.


A negative balance in an account, resulting from paying of checks for an amount greater than the depositor's balance.

Owner Financing

A real property purchase transaction in which the seller provides the financing.


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