NEGATIVE AMORTIZATION
A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. |
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NET WORTH
The total value of all assets minus all debts. |
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NON-ASSUMPTION CLAUSE
A provision in a mortgage contract prohibiting the assumption of the mortgage by another borrower without the lenders permission. |
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NOTE
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. |
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NOTE RATE
The interest rate stated on a mortgage note. |
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