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LOAN TYPES

For a full list and description of available loan types click below.
Available Loan Types
PROPERTY TYPES

For a full list and description of eligible property types click below.
Eligible Property Types
 
 

GLOSSARY
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Rate Lock
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
Real Estate
Land and everything more or less attached to it. Ownership below to the center of the earth and above to the heavens.
Real Estate Agent
A person licensed to negotiate and transact the sale of real estate.
Real Estate Investment Trust (REIT)
A real estate mutual fund, established by income tax laws to avoid the corporate income tax. It sells shares of ownership and must invest in real estate or mortgages. It must meet certain other requirements, including minimum number of shareholders, widely dispersed ownership, and certain asset and income tests.
Real Estate Market
The potential buyers and sellers of real property at the current time. It includes markets for various property types, such as office market, housing market, land market and condominium market.
Real Property
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
Recorder
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
Recording
The noting in the registrarís office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
Recourse
The ability of a lender to recover money from a borrower in default, in addition to the property pledged as collateral.
Refinance Transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.
Rehabilitation Tax Credit
The Tax Reform Act of 1986 provides a 20% tax credit for rehabilitating certified historic structures, and a 10% credit for other buildings that were placed in service after 1936.
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 has been applied.
Rent Loss Insurance
Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
Repayment Plan
An arrangement made to repay delinquent installments or advances.
Replacement Reserve
Various account(s) maintained (typically by the Lender) to provide funds for anticipated expenditures required to maintain a building. A reserve account usually is required by a lender in the form of an escrow to pay upcoming taxes and insurance costs. A replacement reserve may be maintained to provide for replacement cost of short-lived components, such as carpets, heating equipment or roofing. Also, a tenant improvement and leasing commission account may be required for future changes in tenancy.
Revenue Per Room (REVPAR)
REVPAR is calculated in underwriting (usually hotels) where the gross income is divided by the total number of rooms available (both occupied and unoccupied).
Revolving Debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
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.
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