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Houston Mortgage > Glossary >
Credit Repair > R 1-10
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Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Rate index
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.
Rate lock
A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing.
Rate-improvement mortgage
A home loan that allows the borrower a one-time interest rate cut without paying refinancing charges.
Reaffirmation agreement
An agreement by a Chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually to keep collateral or mortgaged property that would otherwise be subject to repossession.
Real estate agent
A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
Real estate attorney
A lawyer who specializes in the transfer of land and buildings and property tax issues.
Real estate broker
A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it and collect commissions for the work. Most brokers have agents working for them and collect a portion of their commissions in exchange for providing office space, marketing and other overhead.
Real estate or real property
Land and the buildings and other improvements on it.
Real Estate Settlement Procedures Act
Known as RESPA. A consumer protection law that requires lenders to give homebuyers advance notice of closing costs, which are payable at the closing or settlement meeting. It outlaws kickbacks and illegal markups in costs.
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