To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| random rate loan |
| A loan type where a different interest rate can be specified for a number of payment periods. This differs from a variable rate loan in that the rates are declared at the beginning of the loan rather than varying with an index during the term of the loan. |
| Random Rate Loan (htm) |
| Select
to calculate a random rate loan, which can have up to fifteen different rates.
An annual percentage rate (APR) is calculated, taking into account the various
rates. A random rate loan is not the same as an adjustable or variable rate
loan, because it isn't tied to an index.
|
| Random Rate Loan
Screen (htm) |
| Enter the terms for the random rate loan (where you can enter up to
15 different interest rates for different terms). You must enter the interest
rate, periods per year, term, loan amount, prepaids, advance date, date of
first payment, and number of periods for each rate or error messages display.
Click the Options and Variations button on the toolbar to
enter any variations.
|
| Rate #1 (htm) |
| Enter the
monthly rate for this insurance period.
|
| Rate (htm) |
| Enter the
interest rate for this series of payments.
|
| rate cap |
| For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be. See cap. |
| Rate for 1st year (htm) |
| Enter
the monthly insurance rate for the first year when collecting an up-front
premium.
|
| rate lock |
| A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time. |
| Rate Rounding Method |
| This variable, in conjunction with precision, tells the engine how to round the interest rate. 1 = Down. 2 = Up. 3 = Nearest. |
| Rate Rounding Precision |
| This is the precision that the interest rate (index + margin) should be rounded to (i.e. 0.125, 0.25, etc.). |
| rate-improvement mortgage |
| A fixed-rate mortgage that includes a provision giving the borrower(s) a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term. |
| RE Appraisal Fee (htm) |
| Enter
the amount of the real estate appraisal fee, which is excluded from finance
charges for mortgages.
|
| Real Estate Settlement Procedures Act (RESPA) |
| A Federal consumer protection law Federal law which requires the provision of Good FaithEstimates of Closing Costs, prohibits kickbacks for referrals of related services, and standardizes the closing with a required form and format (HUD-1). |
| real property |
| Land and its appurtenances, including anything of a permanent nature such as structures,trees, minerals, and the interest, benefits, and inherent rights thereof. |
| Recast (Years) (htm) |
| Enter
the number of years until the payment must be recalculated for the term of the
loan.
|
| recording |
| The acceptance by the proper government office of a properly executed legal documentsuch as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgageetc. , thereby making it a part of the public record. |
| refinance transaction |
| The process of paying off one loan with the proceeds from a new loan using the same property as security. |
| Reflect Other Buydown Portion |
| This flag tells the engine whether to use the portion of the buydown paid by a party other than the borrower for the calculation of the Annual Percentage Rate. No, do not reflect it. Yes, reflect it. If Yes is chosen, the buydown is part of the credit agreement. If No is chosen, the buydown is not part of the credit agreement. |
| Reimbursement
Information (htm) |
| You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.
|
| Remaining (htm) |
| Displays
the difference between the loan term and the number of payments entered for the
negotiated rate(s).
|
| remaining (or outstanding)balance |
| The amount of principal that has not yet been repaid. |
| remaining term |
| The original amortization term minus the number of payments that have been applied. |
| Renewal Mortgage Insurance Rate |
| The renewal mortgage insurance rate. |
| Rent |
| This is the amount of monthly rent you might expect to pay for a house or apartment of the same type and quality as the house you would be buying in this comparison. |
| Rent Increase |
| How much do you expect your rent to increase each year on equivalent housing? Typically, your landlord will raise your rent 10% each year. |
| Renters Insurance |
| Your monthly premium for insurance covering your personal property (furniture, clothes etc.)while you are renting. |
| Repairs |
| The amount of any required repairs |
| Report Identifier (htm) |
| Enter
the value by which you will identify this report.
|
| Representing (htm) |
| Enter
the name of the person or company represented by the reviewer.
|
| reverse annuity mortgage |
| A mortgage which uses equity in a property to fund periodic payments to the borrower untilthe equity is used up. It is equivalent to an annuity where the equity is the present value which, at a particular rate of interest, funds a stream of payments which will reduce the present value (the equity) to zero at term. |
| Reviewer Name (htm) |
| Enter
the name of the person reviewing this report.
|
| Right Margin (htm) |
| Enter
the right margin in tenths of an inch, or accept the default.
|
| right of survivorship |
| In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant. If one owner dies, the undivided estate then passes to the surviving owner(s) in the case of joint tenancy and tenancy by entirety (husband and wife). |
| Rounding |
| You can elect to round up, round down or round to the nearest percent. The usual convention used is round up. |
| Rounding Method |
| This variable tells the engine how to round the payment amount. Please note that this will not affect interest only or constant payment to principal loans. |
| rounding on ARMs (Interest rate) |
| At an adjustment period on an ARM loan you may want to round the newly calculated rate. ZMath® permits you to select any of the following methods. Round up, round down, roundto the nearest 1/10, Round to the nearest 1/8, Round to the nearest 1/4, round to thenearest 1/2. |
| sale-leaseback |
| A technique in which a seller deeds property to a buyer and the buyer simultaneously leases the property back to the seller. |
| Save as Default
(icon) (htm) |
| Click to save the current study, or loan application, as the default
for future studies.
|
| Save Button (htm) |
| Click
to save modifications.
|
| Save Default Button (htm) |
| Click
to save the information on the three Worksheet tabs as the default values for
future loans.
|
| Save Savings (htm) |
| Click
to save the current study file or savings record.
|
| Save Study (icon) (htm) |
| Click
to save the current study, or loan application.
|
| Savings Calculate
Button (htm) |
| Click to analyze all transaction data, apply the calendar math,
calculate the Regulation DD disclosures, prepare schedules, and produce the
results.
|
| Second home |
| Commonly known as a vacation home. This home is not rented and is occupied by the owners occasionally.
|
| second mortgage |
| A mortgage that has a lien position subordinate to the first mortgage. |
| Secondary Financing |
| A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.
|
| Secondary Market |
| The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans, and wall street firms.
|
| secured loan |
| A loan that is backed by the pledge of real or personal property. |
| security |
| Property which will be pledged as collateral for a secured loan. |
| Select (htm) |
| Click to
select the highlighted sample file.
|
| Selling Costs Factor |
| The factor you expect to pay for selling the home. ie. 7.5% would be entered as 7.5 |
