Mortgage Glossary – R
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
Real Financing Cost
The real financing cost is a consumer-oriented rate that takes into account the projected amount of time you tell us when you will actually have the loan, as well as the specific costs, fees and potential rate changes associated with it.
Real Property
Land and anything permanently affixed to it.
Reconveyance
The transfer of property back to the owner when a mortgage loan is fully repaid.
Recording
The act of entering documents concerning title to a property into public records.
Recording Fee
Money paid to an agent for entering the sale of a property into the public records.
Refinancing
The process of repayment of a debt with the proceeds from a new loan using the same property as security.
RESPA
Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review estimated settlement costs. The law requires lenders to provide this information.
