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Rate - This is the annual interest rate applied to the outstanding balance of the loans.

Rate Reduction Option - A fixed-rate mortgage that includes a provision that gives the borrower an option to reduce the interest rate (without refinancing) at a later date. It is similar to a prearranged refinancing agreement, except that it does not require re-qualifying.

Rate Lock - A commitment issued by a lender to a borrower guaranteeing a specified interest rate for a specified period of time. See lock-in.

Real Estate Agent - A person who is normally licensed by the state and who, for a commission or a fee, assists in negotiating a real estate transaction.

Real Estate Settlement Procedures Act (RESPA) - A consumer protection law that, among other things, requ

Rehabilitation Mortgage - A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property.

Remaining Balance - The amount of principal that has not yet been repaid. See principal balance.

Remaining Term - The original amortization term minus the number of payments that have been applied.

Rent With Option To Buy - See lease-purchase mortgage loan.

Repayment Plan - An arrangement made to repay delinquent installments or advances. Lenders' formal repayment plans are often called "relief provisions."

Revolving Liability - A credit arrangement, such as a credit card or HELOC, that allows a customer to borrow against a predetermined line of credit when purchasing goods and services. The borrower makes payments on the amount that is actually borrowed plus any interest due.

Request For Notice of Default - A recorded document that obligates the holder of the first mortgage lien to notify subordinate lien holders in the event of default by the borrower.

Right Of First Refusal - A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

Right Of Ingress or Egress - The right to enter or leave designated premises.

Right Of Survivorship - In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

Rural Housing Service (RHS) - An agency within the Department of Agriculture. This agency provides financing to farmers and other qualified borrowers buying property in rural areas who are unable to obtain loans elsewhere. Funds are borrowed from the U.S. Treasury.