Mortgage Glossary – R

Rate – The percentage rate paid by a borrower for the use of borrowed money

Rate Hold – the length of time a lender will hold a rate for. Lenders in Canada generally hold their mortgage rates for 120 days.

Real Estate – A piece of land including all natural resources (above and below the surface) and any permanent structure located on it.

Real Estate Agent – a person that is licensed by a real estate body in Canada to act on behalf of the seller or buyer.

Real Estate Attorney – A lawyer who specializes in Real Estate Law

Real Property – land or building that is permanently fixed.

Real Property Report – A legal survey of the property indicating the exact dimensions of the land and any permanent structure located on the land.

Refinancing – The paying off of one mortgage with another mortgage to save money with lower interest rates. Refinancing a mortgage can be great tool to consolidate high interest credit card debts, renovate a home, or for investment purposes.

Reserve Fund – Funds set aside or reserved by a condo association for major repairs and improvements to common areas in the complex.

Reverse Mortgage – A mortgage that allows elderly individuals access to their equity.