Wholesale Mortgage Services of Wisconsin, LLC.

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R

Rate Float

Assuming market risk on an interest rate in the hopes that it will go lower prior to closing.

Rate Lock

Choosing to have no change to a rate for a specific length of time.

Ratios

How a buyers housing expense and debt picture relates to their income.

Real Estate Settlement Procedures Act (RESPA)

RESPA is a federal law that allows consumers to review information on known or estimated settlement costs once after application and once prior to or at settlement. The law requires lenders to furnish information after application only.

Realtor

A real estate broker or an associate holding active membership in a local real estate board affiliated with the National Association of Realtors.

Rescission

The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security.

Recording Fees

Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

REFI

Slang for refinance, or a new mortgage on a property that does not change ownership.