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Mortgage Brokers Glossary - N
- Negative Amortization:
- An increase in loan size due to the monthly payment not covering the entire principal and interest due. The shortfall is added to the remaining balance which creates a "negative" amortization.
- Net Income:
- The difference between gross income and expenses.
- Net Worth:
- The total of all assets minus the total of all liabilities of an individual.
- No Money Down Mortgage:
- A true 100% mortgage financing product that is available in Canada.
- Non-owner Occupied:
- A property purchased for investment or rental purposes and will not be lived in by the owner of the property.
