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" (see above).
Recording fee Fee charged by a government for entering into the public record a real estate purchase or sale.
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.
Right of first refusal. A priority arrangement that grants a particular prospective buyer the first right to purchase a property, given certain agreed-upon conditions.