There are 10 terms in this glossary beginning with the letter R.
a short-term agreement by a lender to “hold” a certain interest rate on a home loan while the buyer negotiates a sale transaction. Also, Rate commitment option.
Real Estate Settlement Procedures Act (RESPA)
this act passed in 1974 reeled in hidden costs, fees and kickbacks that had become widespread among real estate entities. Per this act all fees and costs must be disclosed to both buyers and sellers.
process by which a borrower/homeowner may negotiate a lower interest rate on a mortgage, thereby lowering monthly payments.
mortgage payments laid out over the life of the loan. Some mortgage calculators let borrowers see their repayment schedule based on the amount of the home loan, the interest rate and monthly payments. See also Amortization.