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NATIONAL ASSOCIATION OF REALTORS® (NAR)	A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide
Negative amortization	A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to cover the entire principal and interest charges; this shortfall amount is added to the remaining balance, resulting in negative amortization
Net listing	The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a type of listing which is illegal in many states
Net worth	The total value of all of an individual's assets, minus all liabilities or debts
No cash-out refinance	A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old and other funds for the borrower's use (as long as the amount is one percent or less of the principal amount of the new mortgage)
Notary	An individual authorized by law to certify documents and signatures
Note	A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated period of time

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Real Estate Tips Financing Your Home >Mortgage Fears It is not unusual for home buyers to feel that the lender is being very critical during the loan approval process. The buyer is required to provide all kinds of financial information, and then the lender asks for more. If this is your experience, and the process seems discouraging, remember that none of this is personal! Some lenders have more stringent requirements than others, but every lender requires a substantial amount of documentation on a mortgage loan. They must verify employment, credit history, and recent financial transactions involving your liquid assets. If your Visa payment was late, they may ask for a letter explaining why. If you are self-employed, they will ask for tax returns from at least three years and probably a year-to-date profit and loss statement. Government regulations require mortgage companies to document everything. And while the loan officer may know that you are a reliable risk, the underwriters must be able to defend the loan to a federal bank examiner or auditor. See All Tips In The "Financing Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories > Real Estate Trivia Q  What is considered the world's tallest building? A  The 185-story CN Tower in Toronto, Canada is the world's tallest free-standing building, rising to 1,815 feet. See More Real Estate Trivia >

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The DeLois Smith All Star Team, REALTORS® Experience the Power of a Team 4 Willow Bend, Suite 2A Hattiesburg, MS. 39402 1-800-335-6477 Oak Grove Office: 601-545-3900 Oak Grove Fax: 601-264-7300 Petal Office: 601-450-1683 Petal Fax: 601-450-1685 Email: info@deloissmith.com The DeLois Smith All Star Team, REALTORS brings you over 200 years of accumulated experience along with the most innovative marketing strategies in the real estate industry. Put The DeLois Smith All Star Team, REALTORS® to work for you as you consider your next home sale or purchase. Experience the team approach to real estate and make us your REALTOR® for life! See how The DeLois Smith All Star Team, REALTORS® really is bringing Hattiesburg home again and again ™. www.deloishomes.com is brought to you by DeLois Smith All Star Team, real estate for Hattiesburg, Mississippi Read DeLois Smith All Star Team's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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