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NATIONAL ASSOCIATION OF REALTORS® (NAR)	A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide
Negative amortization	A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to cover the entire principal and interest charges; this shortfall amount is added to the remaining balance, resulting in negative amortization
Net listing	The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a type of listing which is illegal in many states
Net worth	The total value of all of an individual's assets, minus all liabilities or debts
No cash-out refinance	A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old and other funds for the borrower's use (as long as the amount is one percent or less of the principal amount of the new mortgage)
Notary	An individual authorized by law to certify documents and signatures
Note	A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated period of time

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The Pederson Team RE/MAX Lakes Area Realty PO Box 370 35548 County Road 66 Crosslake, MN 56422 Toll Free: 877-692-5253 Locally: 692-5253 Fax 218-692-5252 Email: lakes@pedersonteam.com We are #1 with our clients and our clients are #1 with us! Our TEAM of five professionals has over 80 years combined experience helping buyers and sellers make their Real Estate dreams a reality. Our TEAM members are the BEST in the industry! We are all committed to providing you with outstanding service and exceeding your expectations, and which is the cornerstone of our success. Whether you are buying or selling, our knowledge of the market, our experience, and our state of the art technology ensure positive results! THE PEDERSON TEAM strives to have a profound and positive impact on the lives of others through integrity and competence in the course of all our real estate business. Each Office Independently Owned and Operated www.PedersonTeam.com is brought to you by The Pederson Team, real estate for Crosslake, Brainerd Lakes Area and Whitefish Chain of Lakes, Minnesota Read The Pederson Team's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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