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Rate
The rate of interest on a loan, expressed as a percentage of 100.
Rate cap
A limit on how much the interest rate can change, either per adjustment
period or over the term of the loan.
Reconditioning
reserve
An auto leasing term synonymous with a security deposit. This is
a deposit you pay in the event a leased auto's condition deteriorates
to a point where reconditioning is necessary.
Refinancing
Paying off one loan with the proceeds from another loan, generally
using the same property as collateral.
Relocation
The process of moving one's residence from one location to another,
often having to do with a change of employment.
Repayment period
In a line of credit, the period when no advances of principal are
available and during which the line must be fully repaid, according
to the payment terms. In a home equity line of credit, the repayment
period is the portion of the loan term that follows the draw period.
Rescission
The cancellation of a contract. In certain real estate-secured transactions
that involve the refinance of a primary residence, applicants have
three business days to cancel the transaction.
Real Estate
Settlement Procedures Act (RESPA)
The federal law that defines the rules for proper disclosure of
fees and information related to residential real estate transactions.
Residual value
The remaining value of your new car at the end of the lease term.
It's also called book value, and includes normal depreciation.
Revolving line
of credit
A line of credit that allows up to the credit limit amount to be
re-borrowed in repeated transactions once it's been repaid. A home
equity line of credit is a type of revolving line of credit.
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