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R - Definitions - Mortgage Dictionary
Look up any mortgage term or condition and immediately know
the definition of that mortgage program or word.
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Rate
The annual rate of interest on a loan, expressed as a percentage of 100.
Rate cap
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
Rate lock-in
A written agreement, in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
Rebate
Compensation received from a wholesale lender, which can be used to cover closing costs, or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with "points" (see above).
Refinancing
The process of paying off one loan with the proceeds from a new loan using the same property as security.
Residential mortgage credit report (RMCR)
A report requested by your lender that utilizes information from at least two of the three national credit bureaus and information provided on your loan application.
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