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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
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 time.
Real Estate Agent A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
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 Agents.
Real Estate Settlement Procedures Act (RESPA) A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
Real Property Land and everything that is permanently affixed to it.
Reconveyance The transfer of a property back to the owner when the mortgage is fully repaid.
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 it a part of the public record.
Recording Fee Money paid to an agent for entering the sale of a property into the public records
Refinance Paying off one loan with the proceeds from a new loan using the same property as security.
Repossession- Foreclosure Legal process by which the lender forces the sale of the property because the borrower has not met the mortgage terms.

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