Mortgage Dictionary
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EDUCATIONAL RESOURCES
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NEGATIVE AMORTIZATION
When a borrower’s monthly payments are not large enough to pay all the interest due on the loan. The unpaid interest then is added to the unpaid balance of the loan. Negative amortization can cause home buyers to owe more than the original amount of the loan.
NET EFFECTIVE INCOME
The borrower's gross income minus federal income tax.
NON-ASSUMPTION CLAUSE
A portion of a mortgage contract prohibiting the assumption of the mortgage without the approval of the lender beforehand.