- radon
- A naturally occurring gas that is suspected of causing lung cancer.
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- rate cap
- A limit on how much the interest rate can change, either at each
adjustment period or over the life of the loan.
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- rate lock-in
- A written agreement in which the lender guarantees the borrower a
specified interest rate, provided the loan closes within a set period
of time.
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- real estate investment trust (REIT)
- Trust ownership of real estate by a group of individuals who
purchase certificates or ownership in the trust, which in turn invests
the money in real property and distributes the profits back to the
investors free of corporate income tax.
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- real estate mortgage investment conduit (REMIC)
- A tax entity that issues multiple classes of investor interests
(securities) backed by a pool of mortgages.
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- Real Estate Settlement Procedures Act (RESPA)
- The federal law that requires certain disclosures to consumers about
mortgage loan settlements. The law also prohibits the payment or
receipt of kickbacks and certain kinds of referral fees.
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- rebate
- Compensation received from a wholesale lender which can be used to
cover closing costs or as a refund to the borrower. Loans with
rebates often carry higher interest rates than loans with
"points". (See
"points").
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- reconveyance deed
- A deed used by a trustee under a deed of trust to return title to
the trustor.
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- refinancing
- The process of paying off one loan with the proceeds from a new loan
using the same property as security.
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- Regulation Z
- Implements the Truth-in-Lending Act requiring credit institutions to
inform borrowers of the true cost of obtaining credit.
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- replacement cost
- The construction cost at current prices of a property that is not
necessarily an exact duplicate of the subject property but serves the
same purpose or function as the original.
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- reproduction cost
- The construction cost at current prices of an exact duplicate of the
subject property.
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- residential mortgage credit report (RMCR)
- A report required by your lender that utilizes information from a
least two of the three national credit bureaus and information
provided on your loan application.
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- restrictive covenants
- A clause in a deed that limits the way the real estate ownership may
be used.
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- reverse-annuity mortgage (RAM)
- A loan under which the homeowner receives monthly payments based on
his or her accumulated equity rather than a lump sum. The loan
must be repaid at a prearranged date, or upon the death of the owner,
or upon the sale of the property.
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- right-of-way
- The right given by one landowner to another to pass over the land,
construct a roadway, or use as a pathway, without actually
transferring ownership.
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