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Canadian Real Estate / Mortgage Glossary : R

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Percentage a borrower pays for the use of money, usually expressed as an annual percentage.

 Rate Cap
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.

 Rate Hold
The amount of time that a lender will guarantee a loan's interest rate. Once you've locked in the interest rate on a loan, the lender will guarantee that rate for a certain period of time, usually between 60 and 120 days. In order to lock-in your interest rate with OntarioEquity.com, please fill out our easy to use online mortgage application.

 Rate Index
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.

 Rate Lock-in
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.

Comparison of two figures used to evaluate business performance, such as debt/equity ratio and return on investment.

 Real Estate
Land and the buildings and other improvements on it. See also "Real Property."

 Real Estate Agent
A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.

 Real Estate Attorney
A lawyer who specializes in the transfer of land and buildings and property tax issues.

 Real Estate Broker
A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it and collect commissions for the work. Most brokers have agents working for them and collect a portion of their commissions in exchange for providing office space, marketing and other overhead.

 Real Property
Permanent, non-movable property, such as land and buildings. See also "Real Estate."

A real estate broker or an associate holding active membership in a real estate board.

See "Real Estate."

A manufacturer's reduction on the price of a car as an incentive to buyers. Rebates appeal to people with no credit or less-than-perfect credit who cannot qualify for the lowest-rate loan. A rebate may also appeal to first-time buyers who don't have a lot of cash for a down payment or another car to trade in.

 Rebate Card
This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.

A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.

 Recognized Gain or Loss
The amount of gain or loss you report for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.

Checking all bank account papers to make sure that the bank's records and your records agree.

The transfer of title to the borrower after a mortgage has been paid fully.

The repayment of a mortgage with another mortgage. Homeowners typically refinance to take advantage of lower interest rates or to transform equity into cash. You can use the equity in your home for vacations, home improvements (such as renovations) and for consolidating debt. Ontario Equity has access to some of the best refinance products available on the Canadian market.
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