Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
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The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Net PremiumNon-liquid Asset
 
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Non-owner Occupant — Number of Free Transactions...
 
non-owner occupantDefinition
A borrower who purchases a property for investment or rental purposes and will not occupy the property.
non-performing (NP) — Acronym
  ➥  As in a note or mortgage loan.
non-performing loan (NPL) — Acronym
A mortgage loan that is in default or where the debtor is delinquent in making payments.
non-recourse debtDefinition
A loan secured by collateral where the borrower is not personally liable.
non-recurring closing costs (NRCC)Definition
One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
  ➥  Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
non-refundable creditDefinition
Tax credits reduce your tax liability dollar-for-dollar. Non-refundable credits can get your tax bill down to zero.
non-scheduled personal propertyDefinition
Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
non-sufficient funds (NSF)Definition
When funds are not enough to satisfy the payment of a cheque or draft made on that account; also known as non-sufficient funds (NSF).
North End Housing Project (NEHP) — Winnipeg, Manitoba, Canada
not in my backyard (NIMBY)Definition
Opposition from residents for proposed buildings or structures in a neighbourhood.
not-for-profitDefinition
An Organization operated solely for: social welfare, civic improvement, pleasure or recreation, or any other purpose except profit.
noteDefinition
A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
note rateDefinition
The percentage paid by a borrower for the use of money, usually expressed as an annual percentage on a promissory note.
Notice of Assessment (NOA)Canada, Important
A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
  ➥  Canada Revenue Agency's T451 tax form.
notice of default (NOD)Definition, Important
The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
notice of foreclosure sale (NFS) — Acronym, Important
Nova Scotia Association of REALTORS (NASR) — Company Est.1958, Dartmouth, Nova Scotia, Canada
  ➥  Formerly known as Nova Scotia Real Estate Association (NSREA).
Nova Scotia Real Estate Commission (NSREC) — Company Est.1997, Nova Scotia, Canada
  ➥  Founded under the Nova Scotia Real Estate Trading Act.
nsfDefinition
NSF means Non-sufficient Funds.
nsf chequeDefinition
If a cheque is returned for this reason, it means that there was not enough money in your bank account to cover the amount of the cheque. There is a fee to you if this situation occurs.
number of free transactions per monthDefinition
The number of transactions an account holder is allowed to make before being charged a fee. If the limit is exceeded, a per-item charge is applied. Some accounts offer an unlimited number of free transactions or no free transactions per month.
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Index for The Letter 'n'

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Non-liquid Asset
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