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Boston real estate brokers serving Back Bay Boston, Beacon Hill, Charlestown, Downtown Boston, North End and South Boston.

323 Newbury St.
Boston, MA 02115
office: 617-536-8000
fax: 617-536-3433

77 N. Washington St.
Boston, MA 02114
office: 617-570-0099
fax: 617-570-0011
  
Michael D. Lyons
Prudential Prime Properties Boston Realty Group
323 Newbury Street
Boston MA  02115
office: 617-536-3433
cell: 617-901-4500
email: mdlyons@aol.com


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Untitled Document

negative amortization
Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.

no cash-out refinance
A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is caculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."

no-cost loan
Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.

note
A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

note rate
The interest rate stated on a mortgage note.

no-cost loan
Almost all lenders offer loans at "no points." You will find the interest rate on a "no points" loan is approximately a quarter percent higher than on a loan where you pay one point.

notice of default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.

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© 2003-2012 Michael Lyons

Trade/service marks are the property of Michael Lyons, and/or its subsidiaries. UpFront Approval subject to satisfactory property review and no change in financial condition. Some products may not be available in all states. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
Prudential Prime Properties is a full service real estate agency helping residential customers with the buying and selling of single family homes, condominiums, lofts, and properties in Boston. If you are searching for a Boston Real Estate Company, Boston Realtor or a Boston Real Estate Agent, Prudential Prime Properties is the destination for all your Boston Real Estate needs.

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