Quickloans Glossary

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R

REALTOR
Real estate broker or agent belonging to the National Association of Realtors.

RESCISSION
Law that gives the borrower 3 days after signing to cancel a contract in some cases, if the transaction uses home equity as security.

RECORDING FEES
Paid to the county for recording a home sale, thereby making it part of the public records.

RENEGOTIABLE RATE MORTGAGE (RRM)
A loan in which the interest rate is adjusted periodically. See adjustable rate mortgage.

RESPA Real Estate Settlement Procedures Act
Federal law allowing consumers to receive and review information on known or estimated settlement costs after application and again at settlement. Requires lenders to furnish information after application only.

REVERSE ANNUITY MORTGAGE (RAM)
A Mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as security.

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