Glossary of Terms - R

To better understand some of the industry terms and technical language used during the process of borrowing money for real estate purchases, search our glossary index. You will be talking the talk with one of our mortgage professionals in no time! If you still have questions, contact us.

Real Estate Settlement Statement

Final settlement statement often referred to as the HUD-1 form, used to itemize buyer, seller, broker, and lender charges and credits at closing.

Realtor

A real estate broker or sales associate affiliated with the National Association of Realtors.

Recording Fee

The charges made by the register of deeds to record the legal documents.

Refinancing

Repaying a debt with the proceeds of a new loan, using the same property as collateral or security.