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Mortgage Glossary

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Real Estate Agent

A person who is licensed to sell real estate.

REALTOR

A real estate agent, broker or associate who is a licensed member of the National Association of Realtors, and its local and state associations. Realtors are trained to assist clients in the purchase and sale of properties.

Recording Fees

Money paid to your mortgage company for entering a record of the new title to your home into the public records. Recording fees are generally part of your closing costs.

Refinancing

Paying off one loan with the proceeds from a new loan using the same property as security. Consider refinancing when you can gain a lower interest rate, shorten the term of your loan, or want to get cash out of your property's equity.

RESPA (Real Estate Settlement Procedures Act)

A federal law that, among other things, requires lenders to disclose all settlement costs. It gives you the legal right to review estimated closing costs after you apply for a loan, and again at or before settlement. It also requires lenders to tell you about other business relationships it has with companies that may provide you with services.