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These definitions acquaint you with terms commonly used in the homebuying process. They are intended to be general and brief and are not complete and wholly accurate when applied to all possible uses of each term. Please consult your Sales Associate or Loan Officer for more information.

R
Radon
A radioactive gas which seeps up from the ground. It may be found in some homes, and if it is in sufficient concentration, then it can cause health problems. A radon test is often part of the home inspection.

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

Recision
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.

Redlining
The illegal practice of refusing to make mortgages or issue insurance policies in specific areas for reasons other than the economic qualifications of the applicant.

Refinance
Obtaining a new mortgage loan on a property already owned, often to replace existing loans on the property.

RESPA
The Real Estate Settlement Procedures Act. RESPA is a federal law that allows consumers to review information on known or estimated settlement cost once after application and once prior to or at a settlement. The law requires lenders to furnish the information after application only.

Reverse Annuity Mortgage (RAM)
A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as collateral.