Rate Protection - Protection of the borrowers rate just in case rates rise during the time a borrower applies for the loan and the time the loan closes.

The Real Estate Settlement Procedures Act ( or RESPA) -RESPA is a federal law that gives consumers the right to review information about loan settlement costs after you apply for a loan and again at loan settlement. The law obliges lenders to provide these settlement costs only after application.

Real Financing Cost - The real financing cost is a consumer-oriented rate that takes into account specific costs, fees, potential rate changes and the projected amount of time you will have the loan. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The real financing cost is not the APR. The APR assumes that you keep your loan for the entire term (e.g. 30 years for a 30-year fixed loan) and includes only some of your loan fees. The total financing cost takes into account all of your closing costs associated with your loan and also how long you plan to be in your house.

Real Property - Land and any improvements permanently affixed to it, such as buildings.

Refinance - The process of paying off one loan with the proceeds from a new loan secured by the same property. Refinancing is usually done to secure better loan terms like a lower interest rate than your current loan or a lower monthly payment. Refinancing can also be used as an alternative to a home equity loan to access cash.

Right to Recession - Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.