Bear Island Land Co., Inc.

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Dictionary of Terms



National Association of Realtors
A national association of real estate personnel whose goal is the professional advancement of the real estate industry and whose membership is comprised of state and Local real estate boards. Often abbreviated NAR.
Negative Amortization
The opposite of amortization. In the case of an adjustable-rate mortgage with a payment cap, an upward adjustment in the interest rate may cause the loan payment to be insufficient to cover even the interest portion of the scheduled payment. In this case, the unpaid interest is added to the mortgage loan principal (if the loan agreement permits) and the loan amount increases.
Negotiable Instrument
A written instrument signed by a maker or drawer, containing an unconditional promise to pay a certain sum of money, which can be passed freely from one person to another.
A written instrument acknowledging a debt and promising payment.




Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.