MORTGAGE GLOSSARY: RATE LOCK OPTION to REFINANCING

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Rate Lock Option
An agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time.
Example

Real Assets
Real estate or real property owned by an individual or business.
Example

Real Estate Settlement Procedures Act (RESPA)
A Federal law requiring lenders to provide home mortgage borrowers with information on known or estimated settlement costs. It also establishes guidelines for escrow account balances and the disclosure of settlement costs.
Example

Real Property
Land and that which is affixed to it.
Example

Refinancing
The repayment of a debt from the proceeds of a new loan using the same property as security.
Example