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Recurring costs
These costs are ongoing like mortgage insurance, property taxes and insurance.

Rescission Period
A three business-day (Monday - Saturday) waiting period from the time the final loan papers are signed to receipt of the actual loan money. According to federal law, the customer can cancel the loan without any penalty during this period.

Revolving Account
An account with no set term of when the money borrowed has to be paid back. The balance owed can change, as can the payment being made. Most credit card accounts are revolving.

Right of Foreclosure
The right of the lender to close out the mortgagor's interest and take over the property if the mortgagor violates the provisions of the mortgage.

Right of Rescission
The customer's right to cancel a loan transaction in which a security interest is or will be retained or acquired for a consumer's principal dwelling.