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Redemption charges - penalty
Redemption charges - penalty Charges made by the lender when the borrower pays off the loan.
RELATED TERMS--------------------------------------
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.
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
SIMILAR TERMS--------------------------------------
Redemption
The process of paying off the mortgage at the end of the mortgage term.
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--------------------------------------
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
The process of paying off the mortgage at the end of the mortgage term.
Redemption charges - penalty
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.
Refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.
This dictionary contains 6433 terms. |
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