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Real Estate Glossary of Terms

Begins with Contains Exactly matches

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Term Definition
Rate CapThe maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period.
Rate-Improvement MortgageA loan with a clause that entitles a borrower to a one-time interest rate cut without going through refinancing.
Real Estate Owned (REO)property acquired through a lender through foreclosure and held in inventory.
Real Propertythe rights to use real estate.
Realtordesignation given to licensed real estate agents who are members of the National Association of Realtors.
Recission Perioda federally mandated period of three business days (beginning on the day after a 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.
Recourseability of lender to make claims against borrower personally in addition to the collateral.
Redemption Periodperiod during which a former owner can reclaim foreclosed property.
Refinanceprocess of a borrower paying off one loan with the proceeds from another.
RegressionThe principle that the value of a better-quality property is adversely affected by the proximity of a lesser-quality property.
Regulation Zfederal regulation requiring creditors to provide full disclosure of the terms of a loan.
Residential Service Contracthome warranty or insurance contract, generally for one year, covering plumbing, electrical, and mechanical systems of the home.
ResidualValue or income remaining after deducting an amount necessary to meet fixed obligations.
Reverse MortgageA type of mortgage designed for elderly homeowners with substantial equity by which a lender pays a periodic payment to the borrower; the loan balances increase with interest and payments causing negative amortization.
Right of First Refusalopportunity of a party to match the terms of a proposed contract before the contract is executed.

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