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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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Rate : When a lender grants a particular amount as loan to a borrower he also charges some amount as an interest rate either annually as Annual Percentage Rate (APR) or on a monthly basis. This is known as rate.

Rate Lock : A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.

Real Estate or Real Property : A portion of the earth's surface extending downward to the center to the earth and upward into space, including all things permanently attached thereto by nature or man and all legal rights therein.

Real Estate Agent : A person licensed to negotiate and transact the sale of real estate.

Real Estate Settlement Procedures Act (RESPA) : An act requiring the revelation of all costs involved in a real estate closing to all participants.

Real Financing Cost : Real financing cost comprises of consumer rates related to varied expenditure and fees along with the time period of the loan. The complete real financing costs also include your closing fees in context of your loan amount.

Realized Value : The price the lessor or assignee receives for the leased item at disposition, (2) the highest offer for the leased item at disposition, or (3) the fair market value of the leased item at termination. The realized value may be either the wholesale or the retail value as specified n the lease agreement.

Realtor : A real estate agent, broker, or associate that holds an active membership in a local real estate board that is affiliated with the National Association of Realtors.

Recast : To redesign an existing loan balance into a new loan for the same period or longer, to reduce payments and help a distressed borrower.

Receiver : The commonly used name for an administrative receiver. The term can also mean a person appointed by the court or with the power to receive the rents and profits of property. Receivers who are not administrative receivers do not need to be insolvency practitioners.

Reconciliation : Determining the final estimate of value by weighing the results of the various approaches in an appraisal.

Reconveyance Clause : The clause in a trust deed that gives the title back to the borrower when the loan is paid in full.

Recording : The formal filing of documents affecting a property's title.

Refinancing : The process of clearing off one loan with the help of a fresh loan by the same individual is known as refinancing.

Renegotiable Rate : A type of variable rate involving a renewable short- term "balloon" note. The interest rate on the loan is generally fixed during the term of the note, but when the balloon comes due, the lender may refinance it at a higher rate. In order for the loan to be fully amortized, periodic refinancing may be necessary.

Release : The process by which the Official Receiver or an insolvency practitioner is discharged from the liabilities of office as trustee/liquidator or administrator.

Rent-Loss Insurance : Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty, resulting in the tenant being excused from paying rent.

Repayment Plan : An agreement between a lender and a delinquent borrower regarding a mortgage payments, in which the borrower agrees to make additional payments to pay down past due amounts while still making scheduled payments. Also, an agreement between a lender or credit card vendor and borrower to make payments in a specific amount and/or schedule, which is different than what the original agreement calls for.

Repossession : When a borrower fails to repay a particular loan amount, the creditor in most cases seizes the collateral to make up the particular loss which the present loan is worthy of.

Reschedule: : Revised timetable for loan repayments, usually granting longer repayment periods and often involving new loans to pay old ones.

Rescission : The cancellation of a contract.

Residual Qualifying : Under a VA loan, using specified housing expenses to qualify for a loan payment.

Residual Value : The end-of-term value of the item established at the beginning of the lease and used in calculating your base monthly payment. The residual value is deducted from the adjusted capitalized cost to determine the depreciation and any amortized amounts. It is an estimate that may be determined in part by using residual value guidebooks. The residual value may be higher or lower than the realized value at the scheduled end of the lease.

Restrictions : Rules imposed on the use of real estate in an effort to preserve property values.

Reverse Annuity Mortgage (RAM) : A system developed for an elderly property owner in which regular monthly payments can be received from a lender. When the total reaches a pre-determined amount, the owner begins repaying the loan or sells the property.

Revolving Debt : A credit arrangement that allows a customer to borrow against a pre-approved line of credit used to purchase goods and services. The borrower is responsible for the actual amount borrowed plus any interest due.

Right-of-First Refusal : A provision that states that a property to be first offered to a specific person before it can be offered for sale or lease to other parties.

Right to Off-Set : When you have fallen into arrears with payments to a credit card or loan and you also hold a current account with the same company, they can use the "Right to Off-Set" to take funds from your current account (without your permission!) to bring the debt back up-to-date.

Rollover Loan : A loan that includes a call date earlier than its normal amortization period.

Rule of 78 : Calculates proportionate amount of interest due on a loan being paid in full before its maturity.


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Index of Terms | Complete List of Terms


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