A B C D
E F G
H I J
K L M
N O P
Q R S
T U V
W X Y
Z
R
radon
A radioactive gas found in some homes that in sufficient concentrations
can cause health problems.
rate-improvement mortgage
A fixed-rate mortgage that includes a provision that gives the borrower
a one-time option to reduce the interest rate (without refinancing)
during the early years of the mortgage term.
rate lock
A commitment issued by a lender to a borrower or other mortgage originator
guaranteeing a specified interest rate for a specified period of time.
See lock-in.
real estate agent
A person licensed to negotiate and transact the sale of real estate
on behalf of the property owner.
Real Estate Settlement Procedures Act
(RESPA)
A consumer protection law that requires lenders to give borrowers advance
notice of closing costs.
real property
Land and appurtenances, including anything of a permanent nature such
as structures, trees, minerals, and the interest, benefits, and inherent
rights thereof.
realtor®
A real estate broker or an associate who holds active membership in
a local real estate board that is affiliated with the National Association
of Realtors. Utah
Association of Realtors, National
Association of Realtors
recission
The cancellation or annulment of a transaction or contract by the operation
of a law or by mutual consent. Borrowers usually have the option to
cancel a refinance transaction within three business days after it has
closed.
recorder
The public official who keeps records of transactions that affect real
property in the area. Sometimes known as a "Registrar of Deeds"
or "County Clerk."
recording
The noting in the registrar’s office of the details of a properly executed
legal document, such as a deed, a mortgage note, a satisfaction of mortgage,
or an extension of mortgage, thereby making it a part of the public
record.
refinance transaction
The process of paying off one loan with the proceeds from a new loan
using the same property as security.
rehabilitation mortgage
A mortgage created to cover the costs of repairing, improving, and sometimes
acquiring an existing property.
remaining balance
The amount of principal that has not yet been repaid. See principal
balance.
remaining term
The original amortization term minus the number of payments that have
been applied.
rent loss insurance
Insurance that protects a landlord against loss of rent or rental value
due to fire or other casualty that renders the leased premises unavailable
for use and as a result of which the tenant is excused from paying rent.
rent with option to buy
See lease-purchase
mortgage loan.
repayment plan
An arrangement made to repay delinquent installments or advances. Lenders'
formal repayment plans are called "relief provisions."
replacement reserve fund
A fund set aside for replacement of common property in a condominium,
PUD, or cooperative project -- particularly that which has a short life
expectancy, such as carpeting, furniture, etc.
revolving
liability
A credit arrangement, such as a credit card, that allows a customer
to borrow against a preapproved line of credit when purchasing goods
and services. The borrower is billed for the amount that is actually
borrowed plus any interest due.
right of first refusal
A provision in an agreement that requires the owner of a property to
give another party the first opportunity to purchase or lease the property
before he or she offers it for sale or lease to others.
right of ingress or egress
The right to enter or leave designated premises.
right of survivorship
In joint tenancy, the right of survivors to acquire the interest of
a deceased joint tenant.
Rural Housing Service (RHS)
An agency within the Department of Agriculture, which operates principally
under the Consolidated Farm and Rural Development Act of 1921 and Title
V of the Housing Act of 1949. This agency provides financing to farmers
and other qualified borrowers buying property in rural areas who are
unable to obtain loans elsewhere. Funds are borrowed from the U.S. Treasury.
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Hourglass Capital Group, LLC
Four Titus Road
P.O. Box 566
Washington Depot, CT 06794-0566
info@hourglassmortgage.com
Phone: 860.868.2810
Toll Free: 888.HR.GLASS or 888.474.5277
Fax: 860.868.2610
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