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Residual Income
Amount of money left over subsequent to the payment of all of your ordinary and necessary debts as well as the mortgage. Usually used with VA loans. |
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Refinancing
The act of obtaining a new mortgage loan which pays off your existing loan therefore creating new payment and interest rate terms. |
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Recording Fees
Fee charged by a lender for recording a real property sale with the local authorities and so making it part of the public records. |
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Real Property
Land and what is affixed to it.
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Real Estate Settlement Procedures Act (RESPA)
Federal law which allows consumers to review information on known or estimated settlement cost once following application and once preceding a settlement. RESPA requires lenders to provide the information after application only.
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Real Estate Owned (REO)
Term often used by lenders when referring to ownership of real property acquired for investment or as a result of a foreclosure. |
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Real Assets
Real property or real estate owned by a business or individual.
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Rate Lock Option
Agreement which guarantees the home buyer a specified interest rate provided the loan.
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