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R

Radon
Radioactive gas found in various homes around the nation that is the second leading cause of lung cancer in the United States. It is recommended by the United State's Surgeon General and the Environmental Protection Agency that all homes in the country be tested for Radon.
Rate
In terms of a mortgage loan, it is a percentage used to calculate a fraction of the loan amount that is charged to an individual for borrowing money.
RELATED MORTGAGE TERMS: Annual Percentage Rate (APR)|Interest Rate
Rate and Term Mortgage
Typical mortgage loan that has a fixed term with either a fixed interest rate or an adjustable interest rate. A couple mortgage loan programs that differ from rate and term mortgage loans are cash out refinance loans and home equity lines of credit (HELOC).
SIMILAR MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Cash Out Refinance|Fixed Rate Mortgage|Home Equity Line of Credit (HELOC)
RELATED MORTGAGE TERMS: Amortization Term
Rate Buydown
Method for reducing the interest rate of a mortgage loan by adding discount points.
RELATED MORTGAGE TERMS: Discount Points
Rate Buyup
Method for obtaining a rebate from a lender where the mortgage loan borrower pays an increased interest in exchange for the rebate.
Rate Lock
Guarantee made by a mortgage loan lender that a quoted interest rate will not change for a specific period of time. Usually rate locks are issued in exchange for a deposit amount from the potential borrower.
Rate Lock Fee
Charge paid by a potential borrower for a mortgage loan lender to issue a rate lock for a specified period of time.
RELATED MORTGAGE TERMS: Rate Lock
Rate and Point Options
Various combinations of interest rate and number of points charged that are each unique in their combination of total closing costs and monthly mortgage payment.
RELATED MORTGAGE TERMS: Closing Costs|Interest Rate|Mortgage Payment|Points
Rate Protection
Mortgage loan term that refers to the various types of rate locks available from lenders.
RELATED MORTGAGE TERMS: Float-down|Rate Lock
Real Estate
Land with all its natural resources and all permanent structures built upon it.
MORTGAGE LOAN EXAMPLES: Real Estate
Real Estate Agent
Licensed individual that represents people that either want to buy or sell real estate.
Real Estate Settlement Procedures Act (RESPA)
Laws created to protect consumers purchasing a home by requiring lenders to disclose certain information to potential home buyers, and by outlawing certain unfair practices by builders and mortgage lenders.
MORTGAGE LOAN EXAMPLES: Real Estate Settlement Procedures Act
Real Property
See Real Estate
Realtor ®
Real estate professional having affiliation with the National Association of Realtors.
Rebate
In terms of real estate, it is a price reduction that is given back to the buyer of property or borrower of a mortgage loan after the sale has been completed.
Rebate Points
Increase in interest rate of a mortgage loan used to reduce the total settlement cost at the time of the loan closing.
RELATED MORTGAGE TERMS: Closing|Yield Spread Premium (YSP)
Recorder
In terms of real estate, they are public officials that maintain real estate records for a particular area.
Recording
In terms of real estate transactions, it is the process of creating official documents into public record.
RELATED MORTGAGE TERMS: Recorder
Recording Fee
In terms of a mortgage loan, it is the charge by the local goverment to record real estate transactions as public record.
RELATED MORTGAGE TERMS: Recorder|Recording
Referral
In terms of a mortgage loan, it is the contact information of any individual that may be interested in obtaining a mortgage loan. Some mortgage brokers and lenders compensate their borrowers for referrals that acquire a loan through them.
Refinance
Mortgage loan that is used to pay off an existing loan for the same property. Mortgage loan refinance programs are available to suit virtually every financial situation.
RELATED MORTGAGE TERMS: Loan4Loan®|Mortgage Loan
MORTGAGE LOAN EXAMPLES: Refinance Mortgage Loan
Regulation Z
Federal regulation issued to implement the federal Truth in Lending Act by the Board of Governors of the Federal Reserve System. In terms of real estate transactions, it requires the provider of a mortgage loan to distribute disclosures presenting an offered loan program's term and cost, and also enforces a maximum interest rate that may be charged on a variable rate mortgage loan. Aside from setting requirements for various closed end mortgages, this regulation also presents the right of recission to a borrower of a mortgage loan.
RELATED MORTGAGE TERMS: Right of Rescission|Truth in Lending Act|Adjustable Rate Mortgage (ARM)
MORTGAGE LOAN EXAMPLES: Regulation Z
Rehabilitation Mortgage
Mortgage loan that is used to repair or improve a property. Special loan programs are available from the FHA that enable the buyer of a home that needs repairs to acquire a loan amount that covers both the purchase of the house and the cost of repairs.
RELATED MORTGAGE TERMS: Federal Housing Administration (FHA)
MORTGAGE LOAN EXAMPLES: Rehabilitation Mortgage Loan
Rent
Amount that is typically paid monthly to occupy a property that an individual does not own.
RELATED MORTGAGE TERMS: Lease
Reserves
In terms of a mortgage loan, it is a bank or lender requirement for a borrower to hold a specific amount of money in an account at the loan's closing.
RELATED MORTGAGE TERMS: Closing
RESPA
See Real Estate Settlement Procedures Act
Retail Lender
Mortgage loan lender that services the public.
RELATED MORTGAGE TERMS: Lender|Wholesale Lender
MORTGAGE LOAN EXAMPLES: Retail Lender
Reverse Mortgage
Mortgage loan program available to older homeowners that allows them to convert the built up equity in their home into usable funds. Repayment for this loan program usually does not become due until the owner sells the home, moves out of the home, or becomes deceased.
RELATED MORTGAGE TERMS: Equity
MORTGAGE LOAN EXAMPLES: Reverse Mortgage Loan
Revolving Credit
Also known as a revolving liability, it is a debt that requires a payment each billing cycle until the debt is repaid.
Rider
Document used to amend provisions in the note for a mortgage loan.
MORTGAGE LOAN EXAMPLES: Condominium Rider
Right of Rescission
Provision granted by the Truth in Lending Act that allows the borrower of a mortgage loan to cancel their loan agreement within three days of the date it was signed.
RELATED MORTGAGE TERMS: Truth in Lending Act
MORTGAGE LOAN EXAMPLES: Right of Rescission
Risk Factor
In terms of a mortgage loan, they are factors that lenders consider in the decision to approve or disapprove a loan applicant. A few general factors include the credit history, income, and the amount of an existing mortgage liens of an individual.
Rural Property
Real estate that is characterized by a far greater proportion of unsettled raw land to land that has been built upon. Located away from urban area, typically this type of property is used for farming and agriculture.
RELATED MORTGAGE TERMS: Suburb
MORTGAGE LOAN EXAMPLES: Rural Property

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