The Glossary Mortgage Terminology
Del Financial's Glossary consists of the more commonly used definitions, meanings, and descriptions used within the mortgage and real estate industry. As always, if you have any questions, please call us at (800) 469-5861.
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- RESPA
- Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships
- Rate Cap
- a limit on an ARM on how much the interest rate or mortgage payment may change. Rate caps limit how much the interest rates can rise or fall on the adjustment dates and over the life of the loan.
- Real Estate Agent
- an individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.
- Real Property
- land, including all the natural resources and permanent buildings on it.
- REALTOR®
- a real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.
- Recorder
- the public official who keeps records of transactions concerning real property. Sometimes known as a "Registrar of Deeds" or "County Clerk."
- Recording
- the recording in a registrar's office of an executed legal document. These include deeds, mortgages, satisfaction of a mortgage, or an extension of a mortgage making it a part of the public record.
- Recording Fees
- charges for recording a deed with the appropriate government agency.
- Refinancing
- paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).
- Rehabilitation Mortgage
- a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
- Reinstatement Period
- a phase of the foreclosure process where the homeowner has an opportunity to stop the foreclosure by paying money that is owed to the lender.
- 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 agreement between a lender and a delinquent borrower where the borrower agrees to make additional payments to pay down past due amounts while making regularly scheduled payments.
- Reverse Mortgage
- the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home.
- Right of First Refusal
- a provision in an agreement that requires the owner of a property to give one party an opportunity to purchase or lease a property before it is offered for sale or lease to others.
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