Mortgage Glossary – R
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.
Land and anything permanently affixed to it.
The transfer of property back to the owner when a mortgage loan is fully repaid.
The act of entering documents concerning title to a property into public records.
Money paid to an agent for entering the sale of a property into the public records.
The process of repayment of a debt with the proceeds from a new loan using the same property as security.
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.