Mortgage Glossary
R
Radon: a radioactive gas found in some homes that, if occurring
in strong enough concentrations, can cause health problems.
Real estate agent: an individual who is licensed to negotiate
and arrange real estate sales; works for a real estate broker.
REALTOR: a real estate agent or broker who is a member of the
NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.
Refinancing: paying off one loan by obtaining another; refinancing
is generally done to secure better loan terms (like a lower interest
rate).
Rehabilitation mortgage:
a mortgage that covers the costs of rehabilitating (repairing or
improving) a property; some rehabilitation mortgages - like the
FHA's 203(k) - allow a borrower to roll the costs of rehabilitation
and home purchase into one mortgage loan. For more information,
see our guide explaining how
rehab mortgages work.
RESPA: Real Estate Settlement Procedures
Act; a law protecting
consumers from abuses during the residential real estate purchase
and loan process by eliminating kickbacks and requiring lenders
to disclose all settlement costs, practices, and relationships.
For more information, see our
guide explaining your protections
under RESPA.
S
Settlement: another name for closing .
Special Forbearance: a loss mitigation option where the lender
arranges a revised repayment plan for the borrower that may include
a temporary reduction or suspension of monthly loan payments.
Subordinate: to place in a rank of lesser importance or to make
one claim secondary to another.
Survey: a property diagram that indicates legal boundaries, easements,
encroachments, rights of way, improvement locations, etc.
Sweat equity: using labor to build or improve a property as part
of the down payment
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is subject to change, and may not apply to all individual circumstances.
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