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Loan Process Tips and Tricks Faqs Glossary

Glossary

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Realtor
A real estate professional who is a member of the National Association of Realtors.
Real Estate Broker
An individual who often owns a real estate company or is in a management position, and who is licensed to represent a buyer or a seller in a real estate transaction.
Real Estate Settlement Procedure Act (RESPA)
A law that states how mortgage lenders must treat those who apply for real estate loans on property with 1-4 units.Example : A lender is required to provide a good faith estimate of closing costs within 3 days of an application being filed.
Redlining
The practice of refusing to provide loans or insurance in a certain neighborhood.
Refinancing
Repaying an existing loan from the proceeds of a new loan on the same property.
Reconveyance
When a mortgage is paid off in full, the lender conveys the property back to the owner.
Recording
The act of entering into a book of public records instruments affecting title to the real property. A lender requires that a deed of trust or a mortgage be recorded to evidence the debt against the property.
Recision
The cancellation of a contract. When refinancing a mortgage on a principal residence the law gives the homeowner three days to cancel the contract.
Recourse
The right of the holder of a note secured by a mortgage or deed of trust to claim money from the borrower in default in addition to the property pledged as a collateral.
Regulation Z (Reg Z)
A federal regulation requiring creditors to provide full disclosure of the terms of a loan including the terms of the loan and the annual percentage rate (APR).
Real Estate Investment Trusts (REIT)
A trust that uses investors money to purchase and manage real estate. Investors realize some of the tax advantages in owning real estate.
Right of survivorship
The right of a surviving joint tenant to acquire the interest of a deceased joint owner.
Reverse Mortgage
A mortgage used by the elderly that provides income as long as they live in exchange. Payments made cause the loan principal to increase.
Rollover Loan
A loan that is amortized over a long period of time (e.g. 30 years) but the interest rate is fixed for a short period (e.g. 5 years). The loan may be extended or rolled over, at the end of the shorter term, based on the terms of the loan.
Restrictive Covenants
Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer.