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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
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Negative Amortization
A condition where the loan balance goes up, rather than down, as payments are made. If a payment is not large enough to cover the interest due the difference is added to the principal. Negative amortization can occur in certain types of adjustable rate mortgages where the payments are locked or capped, but the underlying interest rates may adjust.
 
No-Cost Refinance
A refinance where the fees and charges are added to the new mortgage amount instead of being paid up front.
 
Non-Conforming Loan
A mortgage, which does not conform to credit or other standards or to the maximum loan, limits set by Fannie Mae and Freddie Mac. See Jumbo Loan
 
Note
A signed, formal document, obligating a borrower to repay a loan at a stated interest rates during a specified period of time.
 
Note Rate
The stated interest rate on a mortgage or other loan agreement.
 
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