|
A
B
C
D
E
F
G
H
I
J
L
M
N
O
P
Q
R
S
T
U
V
W
|
| |
| |
| R |
| |
| 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. |
.