Nail pops
Nails in load-bearing parts of new homes that pop out slightly because of settling of the structure.

Negative-slope driveway
A driveway that drops from street level to the garage.

Neo-traditional planning
Planning of a community that favors the return of new-home development with such traditional features as grid-street patterns, prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.

Net cash flow
Investment property that generates income after expenses such as principal, interest, taxes and insurance are subtracted.

Net worth
The worth of a person or company based on the difference between total assets and liabilities.

New Urbanism
A community design philosophy that favors the return of new-home development with such traditional features as prominent front porches, backyard garages, multi-use buildings and housing clustered near commercial service areas.

Niche
A small recessed area in a wall, traditionally arched at the top.

NIMBY (Not In My Back Yard)
The response sometimes given by neighborhoods and communities to proposed changes or development.

No cash-out refinance
The amount of the new mortgage covers the remaining balance of the first loan, closing costs, any liens and cash no more than 1 percent of the principal on the new loan.

No-documentation loan
A loan application that does not require verification of income but typically is granted in cases of large down payments.

Non-assumption clause
A loan provision that prohibits the transfer of a mortgage to another borrower without lender approval.

Non-liquid asset
An asset such as a house that is not easily turned into cash.

Non-recurring closing costs
Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection.

Note
The legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time.

Note rate
The interest rate specified in a mortgage note.