Welcome to Alpha Mortgage Corporation, your source for mortgages and home loans in North and South Carolina with offices in Wilmington, NC, Charlotte, NC, Fayetteville, NC, Asheville, NC and Greensboro, NC. We are also licensed in Florida, South Carolina & Virginia
Mortgage Glossary
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| N |
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| Negative Amortization |
| Occurs when your monthly payments are not large
enough to pay all the interest due on the loan. This unpaid interest is added
to the unpaid balance of the loan. The danger of negative amortization is that
the home buyer ends up owing more than the original amount of the loan. |
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| Net Effective Income
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| The borrower's gross income minus federal income
tax.
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| Note |
| A legal document that obligates a borrower to
repay a mortgage loan at a stated interest rate during a specified period of
time. |
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