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Redemption
Redemption The process of paying off the mortgage at the end of the mortgage term.
RELATED TERMS--------------------------------------
Mortgage
A legal document pledging property as security for the payment of a loan.
Term
The length of time in which a loan is to be paid off.
SIMILAR TERMS--------------------------------------
Redemption charges - penalty
Charges made by the lender when the borrower pays off the loan.
Redemption period
A period of time established by state law during which a property owner has a right to redeem real estate after a foreclosure or tax sale by paying the sales price, interest and costs.
PREVIOUS AND NEXT TERMS--------------------------------------
Recourse
The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment.
Recreant
1) Cowardly or craven. 2) Unfaithful, disloyal, or traitorous.
Rectangular (government) survey system
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.
Red flag
A visual sign or indication of a defect. Something that warns a reasonably observant person of a potential problem, thus requiring further investigation.
Red herring
The preliminary prospectus for an initial public offering.
Redemption
Redemption charges - penalty
Charges made by the lender when the borrower pays off the loan.
Redemption period
A period of time established by state law during which a property owner has a right to redeem real estate after a foreclosure or tax sale by paying the sales price, interest and costs.
Redlining
The practice of refusing to provide loans or insurance in a certain neighborhood.
Reduction certificate (payoff statement)
The document signed by a lender indicating the amount required to pay a loan balance in full and satisfy the debt.
Refinance
Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.
This dictionary contains 6433 terms. |
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