Glossary of Terms: R

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Rate:
In lending, an amount of interest on the loan, usually expressed as an annual percentage.

Recording Fees:
A charge by the local authority to record and file official records which in turn will make them part of public record.

Rescission:
The cancellation of a contract upon agreement of both parties.

Reserves:
Confirmed liquid assets that are remaining after borrower pays closing costs and down payment.

Revolving Debt:
Debt which usually involves an open-ended term, variable interest rate and payments that are based on a percentage of the balance.

 

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