|
|
GLOSSARY OF MORTGAGE TERMS:
Page 1 of 2 | 23 terms beginning with 'R' Radon A radioactive gas found in some homes that in sufficient concentrations could cause health problems. Rate Caps (Also called "Interest Rate Caps"). A limit on the amount of which the interest rate charged to the borrower can be changed. Rate lock A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. Real Estate Broker A middleman or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner. Real Estate Owned (REO). A term frequently used by lending institution as applied to ownership of real property acquired for investment or as a result of foreclosure. Real property Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. REALTOR A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors. Recission The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Recorder The public official who keeps records of transactions that affects real property in the area. Recording The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record. Refinancing The process of the same mortgagor paying off one loan with the proceeds from another loan. Rehabilitation mortgage A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property. Remaining balance The amount of principal that has not yet been repaid. Remaining term The original amortization term minus the number of payments that have been applied. Repayment plan An arrangement made to repay delinquent installments or advances. Lenders' formal repayment plans are called "relief provisions." |