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Real Estate Glossary and Terms

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Realty Terms beginning with N

Negative Amortization
A gradual increase in loan debt that occurs when the monthly payment does not cover the entire principal and interest due. The shortfall is added to the remaining balance which creates "negative" amortization.

No Money Down Mortgage
A true 100% mortgage financing product that is available in Canada. This type of mortgage generally has a higher interest rate..

Notice of Assessment
A form issued by the Federal Government when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or the refund amount.