Understand the most important lending and mortgage terms. Mortgages can be confusing for the first time home buyer, so let us help explain. Below you'll find explanations for most of the mortgage industry terms.

What is Rate Lock? A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of…
Written by Henry Gilbert
What is Rate lock period? When you're promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate for a determined period for your application process. This ensures that your…
Written by Henry Gilbert
What is Real Estate Agent? A person licensed to negotiate and transact the sale of real estate on behalf of the property…
Written by Henry Gilbert
What is Real Estate Agent®? A real estate broker or an associate who is an active member in a local real estate board that is affiliated with the National Association of Real Estate…
Written by Henry Gilbert
What is Real estate broker? An agent representing a buyer or seller in a real estate…
Written by Henry Gilbert
What is Real Estate Settlement Procedures Act (RESPA)? A consumer protection law that requires lenders to give borrowers advance notice of closing…
Written by Henry Gilbert
What is Real property? Land and everything that is permanently affixed to…
Written by Henry Gilbert
What is Reclamation? The right of the person with title to a property to recover it from the debtor in case of a…
Written by Henry Gilbert
What is Reconveyance? The transfer of property back to the owner when a mortgage is fully…
Written by Henry Gilbert
What is Recording? The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making…
Written by Henry Gilbert
What is Recording fee? Money paid to an agent for entering the sale of a property into the public…
Written by Henry Gilbert
What is Refinance? Paying off one loan with the proceeds from a new loan using the same property as…
Written by Henry Gilbert
What is Rent with option to buy? See Lease-purchase mortgage…
Written by Henry Gilbert
What is Repossession (or foreclosure)? Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage…
Written by Henry Gilbert
What is Rescission? The cancellation of a contract, permitted by law within three days of signing a mortgage not used to purchase a…
Written by Henry Gilbert
What is Reserves? See…
Written by Henry Gilbert
What is RESPA? See Real Estate Settlement Procedures…
Written by Henry Gilbert
What is Revolving Liability? A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and…
Written by Henry Gilbert


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