Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - R Terms
Radon: a radioactive gas found
in some homes that, if occurring in strong enough concentrations,
can cause health problems.
Real estate agent: an
individual who is licensed to negotiate and arrange real estate
sales; works for a real estate broker.
REALTOR: a real estate agent
or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS,
and its local and state associations.
Refinancing: paying
off one loan by obtaining another; refinancing is generally done
to secure better loan terms (like a lower interest rate).
Rehabilitation mortgage: a
mortgage that covers the costs of rehabilitating (repairing or Improving)
a property; some rehabilitation mortgages - like the FHA's 203(k)
- allow a borrower to roll the costs of rehabilitation and home
purchase into one mortgage loan.
RESPA: Real Estate Settlement
Procedures Act; a law protecting consumers from abuses during the
residential real estate purchase and loan process by requiring lenders
to disclose all settlement costs, practices, and relationships
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