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Mortgage Dictionary "N"
National Housing Act (NHA)
A federal act, administered by CMHC, which seeks to assist the private market in producing affordable housing to meet the needs of most Canadians.
Net Income/Net Loss from Operations (Income Statement)
The amount that is remaining when you subtract all costs and taxes from total revenues.
No Cost Switching of Payment Option
This option allows the borrower to change the payment schedule (to either monthly/semi- monthly/bi-weekly/weekly) in an open mortgage at no charge.
No-Doc
Refers to "no document necessary" when confirming past income earnings.
No-Fault
Title insurance claims are paid on a no-fault basis, which means that the insurer cannot argue negligence in order to deny coverage.
Nominal Interest Rate
Also known as the stated rate. This is the interest rate used to calculate interest payments. It differs from the effective interest rate.
Non-Conforming Use
A property that is being used in contravention of current zoning by-laws but is permitted to remain because it pre-dates the enactment of these zoning by-laws.
Non-Disturbance Agreement
An agreement that permits a tenant under a lease to remain in possession despite any action by a lender.
Non Est Factum
Latin for it is not my deed. A claim of "non est factum" means that the signature on the contract was signed by mistake or without knowledge of its meaning.
Notes to Financial Statements
The part of a financial statement that includes an auditor's or accountant's opinion on the statements and other relevant notes pertaining to the company's operations and the specific methods of accounting used.
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