We take pride in providing our Dallas Georgia Homes & Rockmart GA Homes Real Estate buyers and sellers with all the answers to common real estate questions. Our goal is to make all your real estate transactions go as smoothly as possible. Nail pops Nails in load-bearing parts of new homes that pop out slightly because of settling of the structure. Needs-based pricing A seller’s asking price that is based on factors such as the required funds to pay off the mortgage, the cost of remodeling or the purchase of another house. Negative amortization The situation occurs when a borrower’s monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate loans are not subject to negative amortization, but many adjustable-rate mortgages are susceptible. Negative-slope driveway A driveway that drops from street level to the garage. Neo-traditional planning Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas. Net cash flow Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted. Net worth The worth of a person or company based on the difference between total assets and liabilities. New Urbanism A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas. Niche A small recessed area in a wall, traditionally arched at the top. NIMBY (Not In My Back Yard) The response sometimes given by neighborhoods and communities to proposed changes or development. No cash-out refinance The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan. No-competition lots A lot in which the buyer’s home will be constructed by a particular builder. No-documentation loan A loan application that does not require verification of income but typically is granted in cases of large down payments. Non-assumption clause A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval. Non-liquid asset An asset such as a house that is not easily turned into cash. Non-recurring closing costs Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection. Note The legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time. Note rate The interest rate specified in a mortgage note. Notice of default A lender’s initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.