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Radon: Radon is a radioactive gas that can be hazardous in large amounts and is found in some homes.
Rate Lock: Rate locks are written agreements that lock in the interest rate if the loan is processed and closed within a certain time limit.
Real Estate Agent: One who is licensed represent a homeowner in selling and listing their house or property.
Real Estate Settlement Procedures Act (RESPA): This act makes it law for lenders to in advance fully disclose closing costs to borrowers.
Real Property: Real estate. This includes land and whatever is on the land: buildings, homes, minerals, water and resources and anything beneath the soil.
Realtor: Members of the National Association of Realtors.
Refinancing: Getting a new loan with a lower interest rate and paying off the first loan with the funds from the second.
Real Estate Investment Trust (REIT): A trust company that manages a portfolio or real estate to make profits for its shareholders.
Repayment: Paying back a loan or mortgage.
Replevin: This is the legal court process of seizing property that is collateral for a debt that is in default. Also used to reclaim property by the owner that has been illegally seized.
Reserve: These are funds set aside and held in reserve by the lender from the borrower in case of payment default then the funds will be used to make payments.
Resume: A personal history of education, work experience and other relevant personal information and accomplishments used in applying for jobs or school.
Revolver: Similar to a line of credit, where an open credit line is a available to a borrower.
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