Consumer Credit terms starting with R

7 terms

Rate Lock The period of time that a mortgage company will guarantee a loan's interest rate, usually 30 or 60 days.
Recording Fees Charged by the Registry of Deeds for the filing of documents or details of a legal document to make them a matter of public record.
Refinance The repayment of a debt from the proceeds of a new loan using the same property as security.
Rescission The cancellation, or “tearing-up,” of a contract. Some consumer loans (home mortgages) feature a 3-day right of rescission during which the borrower…
Retail credit card A credit card associated with a retail store. Depending on the type of card, you may be able to use it at locations other than the one where you received…
Returned payment This is a payment that you make to us that is not honored by your financial institution.
Rural Development (RD) The "Rural Development" mortgage program is governed by the USDA and is designed to promote homeownership in rural areas.