The Mortgage Dictionary contains a comprehensive list of mortgage terms used in the mortgage industry. This specialized dictionaries is made available by the 18,000 REALTOR® members of the Houston Association of Realtors ®. Please use Term Index section containing an alphabetical list of words with information about them.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Rate
The annual rate of interest on a loan, expressed as a percentage of 100.

Rate Cap
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.

Rate Lock-In
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.

Rebate
Compensation received from a wholesale lender which can be used to cover closing costs or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with "points" (see above).

Refinancing
The process of paying off one loan with the proceeds from a new loan using the same property as security.

Residential Mortgage Credit Report (rmcr)
A report requested by your lender that utilizes information from at least two of the three national credit bureaus and information provided on your loan application.

All information is subject to change and should be independently verified.
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