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Mortgage Glossary

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There are 2 terms in this glossary beginning with the letter N.
No-fee mortgage
a sales tactic to attract buyers who may be unable to pay out of pocket closing fees. Typically a no-fee or no-cost mortgage is bundled with a slightly higher interest rate that more than makes up the difference in so-called “no fees” over the life of the loan.

Notice of Incomplete Application, NOIA
a form sent to the buyer that indicates missing or incomplete loan application information. Buyer must provide all required information for the lender to complete the application process.