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Call Us Today! 800-965-9910
September 09, 2010
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| Negative amortization |
| A rise in the loan balance when the mortgage payment is less than the interest due. Sometimes called deferred interest. |
| Negative amortization cap |
| The maximum amount of negative amortization permitted on an ARM, usually expressed as a percentage of the original loan amount (e.g., 110%). Reaching the cap triggers an automatic increase in the payment, usually to the fully amortizing payment level, overriding any payment increase cap. |
| Non-conforming mortgage |
| A mortgage that does not meet the purchase requirements of the two Federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons such as poor credit or inadequate documentation. |
| Non-Permanent resident alien |
| A non-citizen with a green card employed in the US. As distinct from a permanent resident alien, which lenders do not distinguish from US citizens. Non-permanent resident aliens are subject to somewhat more restrictive qualification requirements than US citizens. |
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| 11255 Olive Blvd. • St. Louis, MO 63141 • Phone: 314-995-9919 • Toll Free: 800.965.9910 • Fax: 314-995-7133 • Email: info@cornerstonestl.com |
| St. Charles Office • 3449 Pheasant Meadow Dr. Suite 101 • O'Fallon, MO 63368 • Phone: 636.978.8180 • Toll Free: 800.978.9959 • Fax: 636.978.9747 |
| St. Louis South Office • 12300 Old Tesson Rd, Suite 400-E • St. Louis, Mo 63128 • Phone: 314.842.9919 • Toll Free: 877.842.9918 • Fax: 314.842.9897 |
| St. Louis South City • 4643 Gravois Road, St. Louis, MO 63116 • Phone: 314-353-3000 • Fax: 314-352-7292 |
| D/B/A Cornerstone Home Loans, Inc. - in the states of Illinois, California |
| Illinois Residential Mortgage Licensee MB5807 • Illinois Department of Financial and Professional Regulation • 310 South Michigan Ave., Suite 2130 • Chicago, IL 60604 • 312-793-3000 |
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