- 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 that 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 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.
YOUR
FRIENDLY COLORADO MORTGAGE BROKER SINCE 1977
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