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National Housing Act (NHA) is 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) is the amount that is remaining when you substract all costs and taxes from total revenues.

No Cost Switching of Payment Option is the option that 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 means 'no document necessary' when confirming past income earnings.

No-Fault means that title insurance claims are paid on a no-fault basis, which means that the insurer can not argue negligence in order to deny coverage.

Nominal Interest Rate is 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 is 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 the zoning by-laws.

Non-Disturbance Agreement is an agreement that permits a tenant under a lease to remain in possession despite any action by a lender.

Non Est Factum is 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 are the part of 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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Walter Pawlowski Ontario Mortgage Agent M11002486