University of Phoenix
There are 399 entries in this glossary.
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| Term | Definition |
|---|---|
| Rate Cap |
The maximum chargable interest rate allowable on the monthly payment of an adjustable rate mortgage during an adjustment period.
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| Rate-Improvement Mortgage |
A loan with a clause that entitles the borrower to a one-time interest rate cut without having to go through refinancing the loan.
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| Real Estate Owned (REO) |
A property acquired by a lender through a foreclosure and held in its inventory.
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| Real Property |
The rights to be able to use real estate, including but not limited to; personal residence owned in Fee Simple, a Life Estate to a farm, rights to use land under a lease, easments and other partial interest.
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| Realtor |
The designation that is given to licensed real estate agents who are members of the National Association of Realtors(NAR).
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| Recission Period |
The federally mandated period of three business days (that begins the day after the loan closes) during which the borrower may cancel the new loan, waiting period only applies to loans which are to be secured by a mortgage on a personal residence for which the borrower is in title at the time of loan origination, right to cancel does not apply to loans used for the purchase of property.
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| Recourse |
The ability of a lender to be able to make claims against the borrower personally in addition to the collateral. Opp. non-recourse.
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| Refinance |
The process of a borrower paying off one loan with the money from another.
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| Regression |
The principle that the value of a higher-quality property is negatively affected by closely located lesser-quality property.
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| Regulation Z |
The federal regulation that requires creditors to provide to the borrower full disclosure of the terms of a loan.
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| Residential Service Contract |
A home warranty or insurance contract that is generally for one year and typically covers plumbing, electrical, and mechanical systems of the home.
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| Residual |
Value or the income left over after deducting an amount necessary to meet other fixed obligations.
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| Reverse Mortgage |
A type of mortgage originally designed for elderly homeowners with substantial equity to generate monthly cashflow from their property by which a lender pays a periodic payment to the borrower; the loan balances increase with interest and payments causing negative amortization.
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| Right of First Refusal |
The beneficial opportunity of one party to match the terms of a proposed contract and receive the benefits of it before the contract is executed to another party.
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