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Mortgage Glossary R


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Term Definition
Rate The annual rate of interest on a loan, expressed as a percentage of 100.
Rate cap A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
Rate lock-in A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
Realtor A real estate agent who is a member of the National Association of Realtors
Rebate Compensation received from a wholesale lender which can be used to cover closing costs or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with "points".
Recorder Often referred to as the "County Clerk", the public official who keeps records of transactions concerning real property
Recording fee Fee charged by a government for entering into the public record a real estate purchase or sale.
Rehabilitation mortgage A mortgage that includes the costs to repair a property
Refinancing The process of paying off one loan with the proceeds from a new loan using the same property as security.
Remaining balance The principal amount that has not yet been paid
Reinstatement period The amount of time, during a foreclosure, the homeowner has to pay the money owed on a loan, thereby stopping the foreclosure
REMIC Real Estate Mortgage Investment Conduit; a security representing an interest in a trust with multiple classes of securities, and each class entitle investors to cash payments structured differently from the payments on the underlying mortgages.
Residential mortgage credit report (RMCR) A report requested by your lender that utilizes information from at least two of the three national credit bureaus and information provided on your loan application.
RESPA Real Estate Settlement Procedures Act; a law that protects home buyers during the purchase process by forcing lenders to disclose information
Reverse mortgage See "HECM"
Right of first refusal A priority arrangement that grants a particular prospective buyer the first right to purchase a property, given certain agreed-upon conditions.


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