Definition
Rate Lock
A lender’s commitment to hold a quoted rate for a defined period regardless of market movement.
Nearby terms
Qualified Mortgage
A loan meeting federal standards for verifying repayment ability, giving the lender certain legal protections.
Quitclaim Deed
A deed transferring whatever interest the grantor has, without warranting that they have any.
Recast
Re-amortizing an existing loan after a lump-sum principal payment, lowering the payment while keeping the rate and payoff date.
Reconveyance
The instrument recorded when a deed of trust is satisfied, releasing the lien and returning clear title to the owner.
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