Mortgage Glossary - R
Definitions of Mortgage Terms
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- Rate - The interest rate paid on a loan
- 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 at a specific cost.
- Rate-improvement Mortgage- A fixed-rate mortgage that includes a provision that gives the borrower a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term.
- Real Estate Agent - A person licensed to negotiate and transact the sale of real estate.
- Real Estate Attorney - A lawyer who specializes in the transfer of land and buildings and property tax issues.
- Real Estate Broker - A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it and collect commissions for the work. Most brokers have agents working for them and collect a portion of their commissions in exchange for providing office space, marketing and other overhead.
- Refinancing - The process of paying off one loan with the proceeds from a new loan using the same property as security.
- Rehab Mortgage - A home loan that provides money for the purchase and reconstruction or improvement of a property.
- Reverse Mortgage - A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.