R Glossary Terms

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A radioactive gas found in some homes that may cause health problems. 

Calculations used to determine if a borrower is qualified to obtain a mortgage for a specific amount. The first ratio is the housing expense ratio and is determined by taking the borrower’s projected total monthly housing expense and dividing that amount into the borrower’s gross monthly income. The second ratio is called the total debt ratio and it is determined by the borrower’s projected monthly housing expense added to any other monthly debts (installments and revolving) divided by the borrower’s gross monthly income.

An agent, acting for an owner, who is licensed to sell or rent property. 

Paying off one loan with a new loan using the property as security.

The borrower agrees to pay off the entire past due amount plus any late fees or penalties. This option may be appropriate if the problem paying the mortgage is temporary and/or the past due balance owed is small. 

An agreement between both parties that allows part of a rent payment to be held in escrow towards the eventual purchase of the home after a contractual time frame. 

A fixed amount of time is given to repay the past due amount of the mortgage by adding a portion of the regular payment. This option may be appropriate if the borrower has missed only a small number of payments.

Mortgage for senior homeowners who can borrow against the equity in their home with repayment occurring after the home is sold or the owner dies.

Generally areas of open country with populations of 10,000 persons or less.