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Houston Mortgage > Glossary >
Home Equity > R 1-10
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Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Rate after intro
Rate after intro is the rate that will apply to the line of credit after the introductory period ends.
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 Investment Trust
Called a REIT. A trust that invests primarily in real estate and mortgages and passes income, losses and other tax items to its investors.
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Houston Home Mortgage