Non-Assumption Clause
Non-Assumption Clause – David Reecher A non-assumption clause prevents a borrower from transferring an existing mortgage to another person without obtaining approval from the lender. This is sim... Read More
No-Documentation Loan
No-Documentation Loan – David Reecher A no-documentation loan does not require that applicants verify their income as they would need to do with other types of loans. The no-documentation loan i... Read More
No-Competition Lots
No-Competition Lots – David Reecher A no-competition lot is the lot on which a particular builder will build the buyer’s home. This term is common in new housing developments. A buyer will... Read More
No Cash-Out Refinance
No Cash-Out Refinance – David Reecher A no cash-out refinance is a new mortgage that covers all existing liens and closing costs for the refinance. This is usually done by home owners who wish t... Read More
New Urbanism
New Urbanism – David Reecher New Urbanism is a design movement within urban design. It promotes neighborhoods that are walkable and contain a variety of home types and varied job opportunities. ... Read More
Net Rentable Area
Net Rentable Area – David Reecher Net rentable area is also known as rentable area, net rentable square feet or usable area. The simple definition is that the net rentable area is the area (or s... Read More
Net Operating Income (NOI)
Net Operating Income (NOI) – David Reecher Net operating income, or NOI, is a company’s operating income. It is determined by taking a company’s gross income and subtracting operatin... Read More