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Rate The annual rate of interest on a loan, expressed as a percentage of 100.   Rate Cap A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.     Rate Lock-In A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.   Rebate Compensation received from a wholesale lender which can be used to cover closing costs or as a refund to the borrower. Loans with rebates often carry higher interest rates than loans with "points" (see above).   Refinancing The process of paying off one loan with the proceeds from a new loan using the same property as security.   Residential Mortgage Credit Report (rmcr) A report requested by your lender that utilizes information from at least two of the three national credit bureaus and information provided on your loan application.