Rate
The annual rate of interest on a loan, expressed as a percentage of 100.
Realtor
A real estate broker or an associate holding active membership in a
local real estate board affiliated with the National Association of
Realtors.
Recision
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 Satisfaction
of Mortgage: The document issued by the mortgagee when the mortgage
loan is paid in full. Also called a release of mortgage.
Right to Rescission
The legal right to void or cancel your mortgage contract in such
a way as to treat the contract as if it never existed. Right of
rescission is not applicable to mortgages made to purchase a home, but
may be applicable to other mortgages, such as home equity loans.
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