Negative amortization
The result when monthly payments don't cover all the interest due on the loan. The unpaid interest is added to the unpaid balance, which means the homebuyer will owe increasingly more than the original amount of the loan.

Non-conforming loan
A mortgage loan that's not eligible for sale to Fannie Mae and Freddie Mac due to non-standard features. These loans are often sold on the secondary market to private investors or held in the lender's portfolio as an asset.

Non-owner occupied
Properties in which the owner does not live.

Notarize
Act by a notary public who witnesses the signing of documents, authenticating the identity of the signer.

Note
A written agreement in which the signer promises to pay to a named person or company a specific sum of money at a specified date or on demand.