Q

Quitclaim Deed: A deed that transfers, without warranty, whatever interest or title a grantor may have at the time the conveyance is made.

 R

Rate Lock: A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.

Real Estate Agent: A person licensed to negotiate and transact the sale of real estate.

Real Estate Settlement Procedures Act (RESPA): An act requiring the revelation of all costs involved in a real estate closing to all participants.

REALTOR®: A real estate agent, broker, or associate that holds an active membership in a local real estate board that is affiliated with the National Association of REALTOR®s.

Recast: To redesign an existing loan balance into a new loan for the same period or longer, to reduce payments and help a distressed borrower.

Refinancing: The process of paying off one loan with the proceeds from a new loan, using the same property as security.

Revolving Debt: A credit arrangement that allows a customer to borrow against a pre-approved line of credit used to purchase goods and services. The borrower is responsible for the actual amount borrowed plus any interest due.

 S

Second Mortgage: A mortgage that has a lien position subordinate to the first mortgage.

Subordinate Financing: Any mortgage or other lien that has a priority lower than that of the first mortgage, or senior loan. See second mortgage.

 T

Tax Lien: A claim against real estate for the amount of its unpaid taxes.

Title: A legal document showing a person's right to or ownership of a property.

Total Debt Ratio: Monthly debt and housing payments divided by gross monthly income. Also known as Back-End Ratio.

 V

Variable Rate Mortgage: See Adjustable Rate Mortgage.

Vested: Means that one has a right to use a portion of a fund, such as an individual's retirement fund.