Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 3 terms
in Mortgage starting with R
R
Rate-and-Term Refinance
MortgageReplacing an existing mortgage with a new one to get a lower interest rate, change the loan term, or both — without taking out additional cash. Different from a cash-out refinance.
Refinancing
MortgageReplacing an existing loan with a new loan, typically to lower the interest rate, change the loan term, switch from ARM to fixed, or access equity through a cash-out refinance.
RESPA (Real Estate Settlement Procedures Act)
MortgageA federal law requiring lenders to disclose settlement costs and prohibiting kickbacks between settlement service providers. Ensures borrowers receive fair, transparent loan information.