Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
A radioactive gas found in some homes that in sufficient concentrations can cause health problems. Many home inspections check for radon.
A commitment issued by a lender to a home buyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount of time. See also lock.
Real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
Securing a new loan in order to pay off the existing mortgage or to gain access to the existing equity in the home.
An increase in the amount of land that occurs when a river or sea permanently withdraws.
A refinance loan that rolls any closing costs or fees into the loan. These programs best serve people who have a reasonable amount of equity, want to reduce their overall interest expense and plan to stay in their homes. Most refinance programs also cap the allowable LTV at 97 percent, which means some borrowers won't have the option of rolling their costs in no matter what.
Rural Housing Service (RHS)
This agency of the U.S. Department of Agriculture provides financing to farmers and other qualified borrowers buying property in rural areas who are unable to obtain loans elsewhere. It offers low-interest-rate loans with no down payment to borrowers with low-to-moderate incomes who live in rural areas or small towns.