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Confused in the Home Loan jargon? Our glossary
will help you in understanding the basic loan related terms.
Browse through the glossary or serach for a term through the
menu to resolve any doubts.
Glossary of Home insurance
terms
R
Rate
The cost of the insurance policy, which you pay to the insurer
as a premium.
Rate-improvement mortgage
A fixed-rate mortgage that includes a provision that gives the
borrower a one-time option to r
educe the interest rate (without refinancing) during the early
years of the mortgage term.
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. See lock-in.
Real estate agent
A person licensed to negotiate and transact the sale of
real estate on behalf of the property owner.
Real property
Land and appurtenances, including anything of a permanent
nature such as structures, trees, minerals, and the interest,
benefits, and inherent rights thereof.
Refinance transaction
The process of paying off one loan with the proceeds from
a new loan using the same property as security.
Rehabilitation mortgage
A mortgage created to cover the costs of repairing, improving,
and sometimes acquiring an existing property.
Remaining balance
The amount of principal that has not yet been repaid. See
principal balance.
Remaining term
The original amortization term minus the number of payments
that has been applied.
Rent loss insurance
Insurance that protects a landlord against loss of rent
or rental value due to fire or other casualty that renders
the leased premises unavailable for use and as a result
of which the tenant is excused from paying rent.
Replacement Cost
The cost to repair or replace insured property with new
property of a like kind and quality in the local market.
Residual Market
The residual market consists of facilities to provide coverage
for consumers or businesses that cannot purchase insurance
in the regular market.
Right of first refusal
A provision in an agreement that requires the owner of a
property to give another party the first opportunity to
purchase or lease the property before he or she offers it
for sale or lease to others.
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