Tools & Resources

Rate Protection

Protection against an increase in an interest rate between the time you apply for a loan and closing. Usually, there is a cap added to the rate. The cap represents the maximum rate you will pay as long as the loan closes on time, even if rates increase. If rates drop, you will have a one-time option to lock in at a lower rate.

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.