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Glossary

Get easy to understand definitions for common mortgage terms from the Mortgage Insider. In our glossary, we define the word, tell you about in industry usage, and usually give an example so you can fully and easily understand not just the meaning but the function of the word.

Negative Amortization

Negative Amortization Defined
Negative amortization is when the mortgage payment is not enough to cover the interest portion of the payment. These loans are known as “pick a payment” or “option ARMs”.
Negative amortizing loans give borrowers a choice of mortgage payments each month. One of the choices is a minimum payment. For [...]

Negative Equity

Negative Equity Defined
Negative equity is when your mortgage is more than the value of your home. If you didn’t put any money down or little money down and your home goes down in value below your mortgage amount, you have negative equity. Even if the home value stays the same but due to [...]

Notice of Default

Notice of Default Defined
A notice of default or NOD is filed by the lender in the county where the property resides stating the borrower has not made the mortgage payments. The NOD has the amount past due, all legal fees incurred, and the date by which the borrower has to pay these. If [...]

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