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Mortgage glossary: Letter R |
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Rate-and-Term Refinance Refinancing to get a new rate. You're changing the interest rate and changing the term, or length, of the new note.
Rate Cap How high your ARM rate is permitted to change each adjustment period. There are three possible caps on an adjustable rate mortgage: the adjustment cap, the lifetime rate cap, and the initial rate cap.
Real Estate Account A mortgage secured by real estate.
Realtor A member of the National Association of REALTORS and a registered trademark. Not all real estate agents are Realtors.
Recast A term applied to ARMs and used when extra payments are made to the principal balance. When your note is recast, your monthly payment is calculated for you.
Refinance Obtaining a new mortgage to replace an existing one. There is also a ''rate-and-term refinance'' where only the outstanding principal balance, interest due, and closing costs are included in the loan.
Reissue When refinancing, there may be discounts if you use the same title agency. This ''reissue'' of an original title report can cost much less than a full title insurance policy.
Rescission Withdrawal from a mortgage agreement. Refinanced mortgage loans for a primary residence have a required three-day ''cooling off'' period before the loan becomes official. If for any reason you decide not to take the mortgage, you can ''rescind'' and the whole deal's off.
Reserves A borrower's assets after closing. Reserves can include cash in the bank, stocks, mutual funds, retirement accounts, IRAs, and 401 (k) accounts.
Reverse Mortgage A mortgage designed to help older Americans who own their homes by paying the homeowner cash in exchange for the equity in his home. When he no longer owns the home by selling or moving out or dying, then the reverse mortgage lender is paid back all the money borrowed, plus interest.
Revolving Account A credit card or department store account on which you typically have a limit and don't make any payments until you charge something.
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