Mortgage Dictionary for words that start with letter R
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.
Real Estate - Land and anything permanently affixed to the land and those things attached to the building.
Real Estate Broker - A middle man 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 Tax - A pecuniary charge laid upon real property for public purposes.
REALTOR - Registered name for a member of the NATIONAL ASSOCIATION OF REALTORS.
REALTOR ASSOCIATE - Salesperson associated with a broker who is a member of a the NATIONAL ASSOCIATION OF REALTORS.
Realty - A synonym for real estate.
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 (see above).
Recession of Contract - Annulling a contract and placing the parties to it in a position as if there had not been a contract.
Recital - Setting forth in a deed or other writing some explanation for the transaction.
Recording - The act of writing or entering an instrument in a book or public record, usually in the office of the county clerk and recorder. Such recording constitutes notice to all persons of the rights or claims contained in the instrument. This type of notice is called constructive notice or legal notice.
Recourse - 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.
Redlining - The practice of refusing to provide loans or insurance in a certain neighborhood.
refinancing - The process of paying off one loan with the proceeds from a new loan using the same property as security.
Refinancing - The repayment of a debt from the proceeds of a new loan using the same property as security.
Reissue rate - A charge for a title insurance policy if a previous policy on the same property was issued within a specified period of time. Reissue is less than the original charge.
REIT (Real Estate Investment Trusts) - A method in investing real estate in a group, with certain tax advantages.
Release - An instrument releasing property from the lien of the mortgage, judgment, etc.
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 federal regulation that requires lenders and mortgage brokers to disclose to borrowers, in advance, the fees required to obtain a mortgage loan.
Restrictive Covenants - Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may run with the land, binding all subsequent purchasers of the land, or may be personal and be binding only between the original seller and buyer.
Revenue Stamps - Formerly, federal tax on a sale of real property. Canceled and replaced by state tax stamps.
Reverse Mortgage - 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.
Riparian - Pertaining to the banks of a river, stream, waterway, etc.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.