Mortgage terms starting with R

9 terms

1. Rate Spread The price data take the form of a "rate spread." Lenders must report the spread (difference) between the annual percentage rate (APR) on a loan and the…
2. Real property A dwelling or home is often referred to as real property.
3. Reasons for Denial These fields identify why an application was denied. As many as three reasons may be reported.
4. Refinance The repayment of a debt from the proceeds of a new loan using the same property as security.
5. Refinancing A way of obtaining a better interest rate, lower monthly payments, or borrow cash on the equity in a property that has built up on a loan.
6. Repayment Plan a process where a homeowner promises to pay down past due amounts on a mortgage while continuing to make regular monthly payments on a property
7. Respondent Name The name of the HMDA reporting institution.
8. Respondent or Reporter ID (RID) A ten-digit number used to identify a HMDA reporting institution. RIDs often require leading zeros to meet the length requirement.
9. Right of Rescission Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan.