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Rate lock
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.
RELATED TERMS--------------------------------------
Commitment
A written promise to make or insure a loan for a specified amount and on specified items.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
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.
Mortgage
A legal document pledging property as security for the payment of a loan.
Originator
A company that sources and underwrites commercial and-or multifamily mortgage loans
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.
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 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--------------------------------------
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
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
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.
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.
This dictionary contains 6433 terms. |
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