Definition
Right of Rescission
A three-business-day window to cancel a refinance on a primary residence after signing.
Nearby terms
Reserves
Liquid assets remaining after closing, expressed in months of housing payments.
RESPA
The Real Estate Settlement Procedures Act, governing settlement practices and prohibiting kickbacks for referrals of settlement services.
Seasoning
The length of time funds have been in an account or a loan has been held, used to satisfy sourcing and eligibility requirements.
Second Lien
A mortgage subordinate to the first, paid after it in a foreclosure and therefore priced higher.
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