|
| | |
Rate-improvement mortgage
Rate-improvement mortgage A home loan that allows the borrower a one-time interest rate cut without paying refinancing charges.
RELATED TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Interest
Money paid to a lender as compensation for money that is borrowed.
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Refinancing
The process of the same mortgagor paying off one loan with the proceeds from another loan.
SIMILAR TERMS--------------------------------------
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Rate cap
The limit on the amount the interest rate can be increased at each adjustment period in an adjustable rate loan.
Rate factor
The number of dollars required to pay off each $1,000 of a mortgage loan.
Rate index
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.
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.
Rate sheet
Printed card that gives the price charged for each room, crib, extra person and pets.
PREVIOUS AND NEXT TERMS--------------------------------------
Rate cap
The limit on the amount the interest rate can be increased at each adjustment period in an adjustable rate loan.
Rate factor
The number of dollars required to pay off each $1,000 of a mortgage loan.
Rate index
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.
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.
Rate sheet
Printed card that gives the price charged for each room, crib, extra person and pets.
Rate-improvement mortgage
Ratification
Method of creating an agency relationship in which the principal accepts the conduct of someone who acted without prior authorization as the principal's agent.
Rating
Grade, assigned by a rating agency, designating the credit quality or creditworthiness of the underlying assets.
Rating agencies
Independent firms engaged to rate the creditworthiness of securities for the benefit of investors.
Raw land
Unimproved land that remains in its natural state.
Raw space
Unimproved shell space in a building.
This dictionary contains 6433 terms. |
|
|
