Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.
Our mortgage glossary will help you to speak to mortgage professionals with confidence.
There are currently 8 names in this directory beginning with the letter R.
This act was designed to protect potential homeowners and enable them to become more intelligent consumers. RESPA requires that lenders provide greater amounts of information to prospective borrowers at certain points in the loan settlement process.
Rural Housing and Community Service
At the end of the construction loan period, the borrower's file is delivered to "Bank One Mortgage Loan Servicing Dept." Prior to delivery, "CLD" contacts the borrower and obtains funds for the tax and insurance escrows, a final title policy and homeowner's policy. This process is called a rollover.
Charges for recording a deed with the appropriate government agency.
Reverse Annuity Mortgage
A type of mortgage loan in which the lender makes periodic payments to the borrower. The borrower's equity in the home is used as security for the loan.
Right of First Refusal
Purchasing a property under conditions and terms made by another buyer and accepted by the seller.
Right of Rescission
When a borrower's principal dwelling is going to secure a loan, the borrower has three business days following signing of the loan documents to rescind or cancel the transaction. Any and all money paid by the borrower must be refunded upon rescission. The right to rescind does not apply to loans to purchase real estate or to refinance a loan under the same terms and conditions where no additional funds will be added to the existing loan.
Rural Housing and Community Development Service
A federal agency that administers mortgage loans for buyers in rural areas.