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Glossary of Terms beginning with N


National Association of Master Appraisers (NAMA)

A non-profit professional association organized in 1982, dedicated to the advancement of professionalism in real estate appraisal.

National Society of Real Estate Appraisers

An organization founded in 1956 that promotes standards of professionalism in its members.

Natural Vacancy Rate

The percentage of vacant properties in a given area that is the result of natural turnover and market forces.

Negative Amortization

When the balance of a loan increases instead of decreases. Usually due to a borrower making a minimum payment on an Adjustable Rate Mortgage during a period when the rate fluctuates to a high enough point that the minimum payment does not cover all of the interest.


A subsection of a municipality that has been designated by a developer, economic forces or physical formations.

Neighborhood Life-Cycle

The evolution of neighborhood use and demographics over time. Economic fluctuations, municipal zoning changes and population shifts can effect the life cycle.

Net Leasable Area

The space in a development, outside of the common areas, that can be rented to tenants.

New England Colonial

An architectural style dating from early American history typified by a two-story building with clapboard siding.

No-Cost Loan

Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.

No-Point Loan

A loan with no “points” is a loan where the interest rate will be higher than a loan with points paid. Also sometimes refers to a refinance loan where closing costs are included in the loan.

Non-Conforming Use

The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use.

Nonliquid Asset

Any asset which can not be quickly converted into cash at little or no cost.


A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

Note Rate

The interest rate stated on a mortgage note.

Notice of Default

Formal written notice from a lender to a borrower that default has occurred.

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