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Rate cap
Rate cap The limit on the amount the interest rate can be increased at each adjustment period in an adjustable rate loan.
RELATED 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.
Adjustment
Decrease or increase in the sales price of a comparable property to account for a feature that the property has or does not have in comparison with the subject property.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
SIMILAR TERMS--------------------------------------
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
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
A home loan that allows the borrower a one-time interest rate cut without paying refinancing charges.
PREVIOUS AND NEXT TERMS--------------------------------------
Rafter
A roof structural support system using "2 by" wood components that are nailed together.
Rammed-earth construction
An alternative building process in which dirt is compacted into large structural frames to create walls.
Ranch style
Modern ranch-style homes, popularized in the 1950s, were championed by such architectural giants as Frank Lloyd Wright.
Range
1) A measure of the difference between the highest and lowest variates. 2) A strip of land six miles wide, extending north and south and numbered east and west according to its distance from the principal meridian in the rectangular (government) survey system of legal description.
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Rate cap
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
A home loan that allows the borrower a one-time interest rate cut without paying refinancing charges.
This dictionary contains 6433 terms. |
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