Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 2 terms
in Mortgage starting with N
N
Non-Conforming Loan
MortgageA mortgage that does not meet Fannie Mae/Freddie Mac guidelines — either because of loan size (jumbo loans) or borrower qualifications. Generally carries higher interest rates.
Note Rate
MortgageThe stated interest rate on a promissory note, which is the contractual rate the lender charges on the loan balance. Different from APR, which includes fees.