Terms with Tag Mortgage
- Real Estate Mortgage Investment Conduits (REMIC) — Acronym, ➥ Also called collateralized mortgage obligations (CMO).
- Receivership — Definition,
- A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
- Reconveyance — Definition,
- The transfer of title to the borrower after a mortgage has been paid fully.
- Refinance — Definition,
- To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
- Refinancing — Definition,
- The act of paying off one mortgage with another mortgage to take advantage of lower interest rates. Refinancing is also used to transform equity into cash for vacations, home improvements, or for consolidating debt.
- Regular Monthly Mortgage Payment (RMMP) — Acronym,
- Remaining Balance — Definition,
- Unpaid principal on a loan.
- Remaining Term — Definition,
- The time it will take to pay off the rest of an instalment loan as scheduled.
- Renewal — Definition,
- Signing on again with the same lender once a term is up.
- Rent — Definition,
- When one party pays another for the use of an asset, service or property.
- Repayment Period — Definition,
- In a home equity line of credit, that portion of the life of the loan that follows the draw period. During the repayment period, the borrower cannot take out any more money, but must pay down the loan.
- Repayment Plan — Definition,
- Modification of an existing loan after the borrower has been delinquent. Often used when the borrower misses payments but the lender does not foreclose.
- Repossession — Definition,
- The taking back of property after a borrower has stopped making payments.
- Resident Alien — Definition,
- A person who is a legal permanent resident, but not a citizen, of Canada.
- Residential Mortgage Credit Report (RMCR) — Acronym, Important,
- Restructured Loan — Definition,
- A mortgage in which basic terms -- such as interest rate, term and monthly payment -- have been changed to prevent foreclosure. Not a normal practice in Canada.
- Resurrection Credit Union (RCU) — Company Est. 1963, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Revelstoke Credit Union (RCU, REVCU) — Company, British Columbia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Reverse Annuity Mortgage (RAM) — Acronym, Important,
- Reverse Mortgage Loan (RML) — Acronym, Very Important,
- A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.
- Reverse Mortgage Market Index (RMMI) — Acronym,
- Revolving Credit — Definition,
- A line of credit that does not have a specified repayment schedule but may require a minimum payment to cover interest and contribute to paying off principal. Typical of credit card loans, chequing account cash reserve or overdraft accounts that have pre-approved lines of credit.
- River City Credit Union — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Roblin Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Rochdale Credit Union (RCU) — Company Est. 1940, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Rocky Credit Union (RCU) — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types. Also offers reverse mortgages.
- Roll In — Definition,
- To include certain closing costs, such as origination and settlement fees, in the mortgage.
- Roll In Loans — Definition,
- A refinancing loan that rolls any closing costs or fees into the loan. These programs best serve people who have a reasonable amount of home equity, want to reduce their overall interest expense, and plan to stay in their homes.
- Roll Over Mortgage — Definition, Important,
- A type of loan where the interest rate is set for a specific term. At the end of this term, the mortgage is said to "roll-over" and the borrower and lender may agree to extend the loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
- Rorketon & District Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
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Real Estate Mortgage Invest... -
