|
|
 |
|
|
- Rate/ Term Refinance:
A refinance of an existing mortgage in which the borrower only enters into the
loan to change his/her terms and conditions.
- Real Estate:
Also referred to as "real property". It is land and anything permanently
affixed to it.
- Real Estate Owned (REO):
Property a lender acquires as the result of a foreclosure.
- Real Estate Settlement Procedures Act (RESPA):
Enacted by Congress to regulate real estate settlement practices so that the consumer
is provided with advance disclosure of the costs involved in the transaction.
- Real Estate Taxes:
Also referred to as Property Taxes. Local government taxes levied on the ownership
of real estate..
- Realtor:
A real estate broker or associate active in a local real estate board d
with the National Association of Realtors.
- Recordation:
Filing for record in the office of the county recorder.
- Recording Fees:
Money paid to the local authorities for recording a home sale, thereby making
it part of the public records.
- Red Flag:
A warning term used to indicate further analysis is warranted.
- Red Lining:
Denial of real estate loan applications in certain geographical areas, without
considering individual applicant qualification.
- Refinance:
Obtaining a new mortgage loan on a property already owned to repay a debt.
- Regulation B:
Federal Reserve regulation prohibits discrimination against consumer credit applicants,
and establishing guidelines for collecting and evaluating credit information.
- Regulation Z:
The set of rules governing consumer lending issued by the Federal Reserve Board
of Governors in accordance with the Consumer Protection Act.
- Replacement Cost:
The cost to replace a structure with one of equivalent value and function.
- Rescission:
It gives the homeowner three days to cancel a refinancing contract once it is
signed
- Reserve:
Moneys that a borrower has in liquid or semi-liquid assets after all costs associated
with a closing are paid.
- Revolving Credit:
Open lines of credit that are subject to variable payments in accordance with
the balance.
- Rider:
An addendum or amendment to a contract.
- Right of Recession:
Period of three full days after closing in which the consumer is allowed to negate
an owner occupied refinance transaction:
- Rolling Delinquency:
This refers to any delinquent payment whose delinquency remains constant month
after month.
|
 |
Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
|
|
"R"
