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Rate Lock
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see lock.
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Real Estate
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also known as real property. Land and anything permanently
affixed to the land, such as a building.
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Real
Estate Agent
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a licensed individual, designated to act on the behalf of
either the buyer, or the property owner, in a real estate
transaction. Also known as a realtor.
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Recourse
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the right of the holder of a note
secured by a mortgage or deed of trust to look personally
to the borrower or endorser for payment.
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Redlining
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the practice of refusing to provide loans or insurance in
a certain neighborhood.
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Refinancing
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securing a new loan that pays off the current mortgage(s),
using the same property as security. Often done to obtain
a lower interest
rate, or to gain access to equity
for cash back.
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Release
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an instrument releasing property from the lien of the mortgage,
judgment, etc.
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RESPA (Real Estate
Settlement Procedures Act)
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a federal regulation that requires lenders and mortgage
brokers to disclose to borrowers, in advance, the fees required
to obtain a mortgage loan.
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Restrictive
Covenant
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a clause in a deed that
restricts the use of property for some period of time.
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Reverse
Mortgage
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a special program for the elderly that provides income until
death. Payment requirements are arranged through the increase
in the principal
amount of the loan.
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Rural
Housing Service (RHS)
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an agency of the U.S. Department of Agriculture that provides
financing to farmers and other borrowers in rural areas
who are otherwise unable to obtain a loan.
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Mortgage Glossary © Copyright 2004, 2008
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