Mortgage
Terms
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A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z
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Rate Lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing
a specified interest rate and lender costs for a specified period of time.
Realtor®
A real estate broker or an associate holding active membership in a local real
estate board affiliated with the National Association of Realtors.
Real Estate Agent
A person licensed to negotiate and transact the sale of real estate on behalf
of the property owner.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice
of closing costs.
Recission
The cancellation of a contract. With respect to mortgage refinancing, the law
that gives the homeowner three days to cancel a contract in some cases once it
is signed if the transaction uses equity in the home as security.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities,
thereby making it part of the public records.
Refinance
Obtaining a new mortgage loan on a property already owned. Often to replace existing
loans on the property.
Renegotiable Rate Mortgage
A loan in which the interest rate is adjusted periodically. See adjustable rate
mortgage.
RESPA
Short for the Real Estate Settlement Procedures Act. RESPA is a federal law that
allows consumers to review information on known or estimated settlement cost
once after application and once prior to or at a settlement. The law requires
lenders to furnish the information after application only.
Reverse Annuity Mortgage (RAM)
A form of mortgage in which the lender makes periodic payments to the borrower
using the borrower's equity in the home as collateral for and repayment of the
loan.
Revolving Liability
A credit arrangement, such as a credit card, that allows a customer to borrow
against a preapproved line of credit when purchasing goods and services.
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