Negative Amortization – An increase in loan debt which occurs when the monthly payment does not cover the complete principal and interest due. The difference is added to the remaining balance which extends the amortization period.
No Money Down Mortgage – A 100% financed mortgage offered in Canada. This product is helpful to individuals that are unable to save a down payment. Good credit and higher interest rates are required for a no money down mortgage.
Notice of Assessment or NOA – A legal form issued by the Canada Revenue Agency when personal taxes are assessed. The NOA indicated the total taxable income.