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CitiMortgage

 Mortgage Loan Glossary - 'R'

Use the alphabet letters below to navigate to the words in this glossary.

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

- R -

Rate Commitment Option (RCO)

The time period and the option to float or lock the interest rate during the application process. An example of an RCO is a 60-day lock, in which the interest rate is secured for 60 days.
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Rate Commitment Option Expiration Date

The date the RCO expires. If the mortgage loan has not funded, there may be additional charges to extend the option.
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Rate Lock

The lender's guarantee on a specific interest rate for the loan. The rate may fluctuate based on market conditions until it is locked.
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Real Estate Owned (REO)

Property owned by a lender as a result of foreclosure or forfeiture.
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Real Estate Taxes

A tax levied by local governments, based on the assessed value of the property. Property tax on real estate is the main source of financing for local governments and school districts. Tax may also be assessed on personal property, such as business equipment.
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Rebate Point

Please see Discount Points.
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Refinance

Repaying an existing loan from the proceeds of a new loan on the same property.
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Remaining Balance

The total amount that a borrower owes on a loan at any given time.
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Remaining Term

The amount of time until a loan is completely paid in full. The original amortization term (in months) minus the number of monthly payments that have been applied.
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