Home Equity Line of Credit Costs
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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- Rate
- The annual rate of interest on a loan, expressed as a percentage of 100.
- Rate cap
- A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
- Rate lock-in
- A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
- Rebate
- Compensation received from a wholesale lender which can be used to cover closing costs or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with "points".
- Refinancing
- The process of paying off one loan with the proceeds from a new loan using the same property as security.
- Residential mortgage credit report (RMCR
- A report requested by your lender that utilizes information from at least two of the three national credit bureaus and information provided on your loan application.
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