Q

No Q terms.

R   (Index)

Real Financing Cost

The real financing cost is a consumer-oriented rate that takes into account specific costs, fees, potential rate changes and the projected amount of time you will have the loan. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The real financing cost is not the APR. The APR assumes that you keep your loan for the entire term (e.g. 30 years for a 30-year fixed loan) and includes only some of your loan fees. The total financing cost takes into account all of your closing costs associated with your loan and also how long you plan to be in your house.

Real Property

Land and any improvements permanently affixed to it, such as buildings.

Recording

The act of entering documents concerning title to a property into the public records.

Recording Fee

Money paid to a government agent for entering the sale of a property into the public records.

Refinancing

The process of paying off one loan with the proceeds from a new loan secured by the same property.

Rent Free

If you are living with a relative or friend without paying rent, this is considered "rent free."

Requested Cash Out

The amount of money you requested to get back from your mortgage transaction. Remember, your closing costs and escrows will be subtracted from this amount.

RESPA

The Real Estate Settlement Procedures Act (RESPA) is a federal law that gives consumers the right to review information about loan settlement costs after you apply for a loan and again at loan settlement. The law obliges lenders to provide these settlement costs only after application.

Right to Rescission

Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.