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Rate lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of time.

Realtor
Real estate broker or agent belonging to the National Association of Realtors.

Real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real estate broker
A middle man or agent who buys and sells real estate for a company, firm, or individual on a commission basis.

Recision
Law that gives the borrower 3 days after signing to cancel a contract in some cases, if the transaction uses home equity as security.

Recording fees
Paid to the county for recording a home sale, thereby making it part of the public records.

Refinance
Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.

Refinancing
The process of the same mortgagor paying off one loan with the proceeds from another loan.

Repayment plan
An agreement between a lender and a borrower who is delinquent on his or her mortgage payments, in which the borrower agrees to make additional payments to pay down past due amounts while still making regularly scheduled payments.

Reverse mortgage
A financial tool which provides seniors with funds from the equity in their homes. Generally, no payments are made on a reverse mortgage until the borrower moves or the property is sold. The final repayment obligation is designed to not exceed the proceeds from the sale of the home.