|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Z|
|R|
|
rate cap A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan. 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. |
Real Estate Settlement Procedure Act (RESPA)
A federal law that says a lender must give a borrower an estimate of closing costs within 3 business days of applying for a loan.
real property
Land and anything permanently attached to it.
rebate
Compensation received by the broker 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."
