Glossary

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R

 

Rate(s)
1. Interest rate: A rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal. Interest rates often change as a result of inflation and Federal Reserve policies. For example, if a lender (such as a bank) charges a customer $90 in a year on a loan of $1000, then the interest rate would be 90/1000 *100% = 9%. 

2.  Prime rate:  The Prime Interest Rate is the interest rate charged by banks to their most creditworthy customers (usually the most prominent and stable business customers). The rate is almost always the same amongst major banks. Adjustments to the prime rate are made by banks at the same time; although, the prime rate does not adjust on any regular basis. The rates reported below are based upon the prime rates on the first day of each respective month.

 

Real Estate
A piece of land, including the air above it and the ground below it, and any buildings or structures on it. also called realty.

Real Estate Lending
Loans used to purchase Real Estate.

 

Recoup
To recover all or part of a loss.

Refinance
Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral.

 

Refinancing Closing
Closing costs that occur when getting a mortgage either via a home purchase or refinance.

 

Refinancing Home Mortgage
Refers to applying for a secured loan intended to replace an existing loan secured by the same assets. The most common consumer refinancing is for a home mortgage.

 

Remodel
To make over in structure or style; reconstruct.

 

Repayment
1: the act of returning money received previously [syn: refund]
    

2: payment of a debt or obligation [syn: quittance]